Wednesday, 7 September 2016

F1 Takeover - BBC Sport: Bernie Ecclestone: Formula 1 boss says 'to stay for three more years' after takeover

Story from BBC Sport:

Formula 1 boss Bernie Ecclestone says he has been asked to stay on for three years once a takeover of the sport is completed by Liberty Media.

The US-based company is in advanced talks to take control of Formula 1 in a deal reported to be worth $8.5bn (£6.5bn).

Talks with CVC Partners, which owns a 35% stake in F1, are at an advanced stage, the BBC has learned.

F1 commercial supremo Ecclestone, 85, has run the sport for 40 years.

"They want me to be here for three years," he told Reuters news agency on Wednesday.

Ecclestone said he will now miss the Singapore Grand Prix on 18 September as he needs to be in London for negotiations.

"Because all this is going through, they (CVC) want me to be there to help them with all sorts of things. I can't afford to be away for five to six days,"

Ecclestone added.

A Formula 1 board meeting is scheduled for 13 September, by which time the deal could be finalised and a new chairman introduced.

© 2016 BBC.