Ecclestone interview

[Lost soul]

MartG said:

From a FB post....

The last time Bernie Ecclestone helped someone... ( Silverstone, 1987)

I bet he wanted something from Frank

[zac510]

suffolk009 said:

It's a thread resurrection, but Bernie's been at it again...

Apparently, Mercedes alone saved us all from a dull season.

And Bernie is disappointed with the way that Vettel's behaved this year.

And this from the promoter! Beggars belief.

Upon your post I sought out the article on autosport and read it. The exact quotes (as opposed to your interpretation) of Ecclestone's could have been quotes lifted directly from any posting on this web forum.
Are you just bored and looking for something to get stuck into him about?

[suffolk009]

zac510 said:

suffolk009 said:

It's a thread resurrection, but Bernie's been at it again...

Apparently, Mercedes alone saved us all from a dull season.

And Bernie is disappointed with the way that Vettel's behaved this year.

And this from the promoter! Beggars belief.

Upon your post I sought out the article on autosport and read it. The exact quotes (as opposed to your interpretation) of Ecclestone's could have been quotes lifted directly from any posting on this web forum.
Are you just bored and looking for something to get stuck into him about?

Just mentioning what I read. I'm not able to confirm the veracity of the reporting. Sorry about that.

[woof]

oyster said:

woof said:

Bernie doesn't understand Social Media.
What he does understand that he doesn't want to give away his content and IP without someone paying. That's not just to protect his content - that protects all the deals he does for the whole grid.

I've run a web agency for 20years. I know what the internet can do.

It pretty much killed off the recording industry - first Napster and now youtube, spotify etc are giving artists content away for free or next to nothing. Copyright infringement is rife and if you can most people download something for free rather than paying.
( That's why live music has had such a resurgence - you can't pirate a live gig. And why some of these old bands are still touring!)

Bernie's right about some aspects of social media. Bebo, Myspace, ASW etc etc are all worthless now or gone.
Twitter still doesn't have a business model that can generate proper revenue. They all rely on someone else to give them content eg us and when we get bored - we move on.

Facebook is in decline. Kids are using Snapchat now for their social interactions

But - F1 has to start to embrace some areas.

All ages want to watch content on whatever device they have and at whatever time.
Somehow they need to look at how to deliver that content.

Currently the teams want to do more of it. But they cannot show any content at the circuits or cars on track from a race weekend.
FOM need to loosen their grip a little and allow the teams to have a bit more flexibility.

For instance - we look after a GP2 driver. I wanted to have a homepage video banner - 5 sec clip. We weren't permitted to use it.
That's crazy.

Interesting how you mention live gigs being so popular since recorded music has become so cheap/free.

This is where Bernie and some of the race promoters are coming from when they complain the cars are too quiet. They want to create that spectacle for live attendees.

Didn't see this reply

In a way F1 should look at music and film and gaming. They are all competitors to F1 - those industries all embrace new media. There's no option. Bernie / FOM will have to release it's strangle hold on it's media control because it will die unless it opens up.

[Likes Fast Cars]

suffolk009 said:

And almost immediately I see a tweet from Craig Scarborough linking to this item, about a replacement for Bernie.

http://www.managementtoday.co.uk/news/1325672/

As Executive Chairman? It has the potential to be even worse than Bernie as "only" the CEO.... I see Governance is alive and well in F1 (not!)

[suffolk009]

Apparently Paul Walsh has turned down the CEO job.

EDIT: Ooops, I meant Chairman.

And for further reading - http://joesaward.wordpress.com/2014/12/17/wanted-c...

Edited by suffolk009 on Wednesday 17th December 08:38

[Likes Fast Cars]

suffolk009 said:

Apparently Paul Walsh has turned down the CEO job.

EDIT: Ooops, I meant Chairman.

And for further reading - http://joesaward.wordpress.com/2014/12/17/wanted-c...

Edited by suffolk009 on Wednesday 17th December 08:38

Did Bernie get to him somehow? Wouldn't put it past the dodgy geezer....

[Derek Smith]

The problem is summed up here:

joeblogsF1 said:

CVC also seems to be having trouble finding a buyer (at the right price) but it also knows that any stock exchange is going to be wary of a company led by a man with Ecclestone’s record, his distaste for the transparency and the lack of a clear succession plan. In any case, The IPO is not likely to get off the ground with the European Commission sniffing around the business.

Unless something changes, the short/medium term future of F1 is in serious doubt. Joe lists the problems with the current situation in that post. CVC want to sell, they have no queue at the door and nor are they likely to with the current set up. As Joe points out, the only response of Ecclestone is to add a new race or two. That is obviously not going to run much longer.

[andyps]

Derek Smith said:

The problem is summed up here:

joeblogsF1 said:

CVC also seems to be having trouble finding a buyer (at the right price) but it also knows that any stock exchange is going to be wary of a company led by a man with Ecclestone’s record, his distaste for the transparency and the lack of a clear succession plan. In any case, The IPO is not likely to get off the ground with the European Commission sniffing around the business.

Unless something changes, the short/medium term future of F1 is in serious doubt. Joe lists the problems with the current situation in that post. CVC want to sell, they have no queue at the door and nor are they likely to with the current set up. As Joe points out, the only response of Ecclestone is to add a new race or two. That is obviously not going to run much longer.

The other perspective that blog post highlights:

JoeBlogsF1 said:

The FIA has removed itself from any right to a voice (and any real relevance beyond safety and policing) by accepting money in exchange for concessions in terms of governance. In essence, therefore, one can view the business as something of a runaway train in search of a Casey Jones.

It has been suggested that the FIA are deliberately keeping out of the issues at the moment as there is a clause in the 100 years rights which Max Mosley sold gave to Bernie Ecclestone which allows the rights to transfer back to the FIA if numbers of competitors drop below a particular number. Maybe the FIA are playing the long game, which could be very dangerous, in the hopes of it all collapsing around CVC and Bernie.

[Likes Fast Cars]

andyps said:

Derek Smith said:

The problem is summed up here:

joeblogsF1 said:

CVC also seems to be having trouble finding a buyer (at the right price) but it also knows that any stock exchange is going to be wary of a company led by a man with Ecclestone’s record, his distaste for the transparency and the lack of a clear succession plan. In any case, The IPO is not likely to get off the ground with the European Commission sniffing around the business.

Unless something changes, the short/medium term future of F1 is in serious doubt. Joe lists the problems with the current situation in that post. CVC want to sell, they have no queue at the door and nor are they likely to with the current set up. As Joe points out, the only response of Ecclestone is to add a new race or two. That is obviously not going to run much longer.

The other perspective that blog post highlights:

JoeBlogsF1 said:

The FIA has removed itself from any right to a voice (and any real relevance beyond safety and policing) by accepting money in exchange for concessions in terms of governance. In essence, therefore, one can view the business as something of a runaway train in search of a Casey Jones.

It has been suggested that the FIA are deliberately keeping out of the issues at the moment as there is a clause in the 100 years rights which Max Mosley sold gave to Bernie Ecclestone which allows the rights to transfer back to the FIA if numbers of competitors drop below a particular number. Maybe the FIA are playing the long game, which could be very dangerous, in the hopes of it all collapsing around CVC and Bernie.

And if it did, imagine the allegations and litigation that would follow. Perhaps 'Lil Bernie may get his just desserts, seeing out his last days in a miserable penal institution

[Derek Smith]

Likes Fast Cars said:

andyps said:

Derek Smith said:

The problem is summed up here:

joeblogsF1 said:

CVC also seems to be having trouble finding a buyer (at the right price) but it also knows that any stock exchange is going to be wary of a company led by a man with Ecclestone’s record, his distaste for the transparency and the lack of a clear succession plan. In any case, The IPO is not likely to get off the ground with the European Commission sniffing around the business.

Unless something changes, the short/medium term future of F1 is in serious doubt. Joe lists the problems with the current situation in that post. CVC want to sell, they have no queue at the door and nor are they likely to with the current set up. As Joe points out, the only response of Ecclestone is to add a new race or two. That is obviously not going to run much longer.

The other perspective that blog post highlights:

JoeBlogsF1 said:

The FIA has removed itself from any right to a voice (and any real relevance beyond safety and policing) by accepting money in exchange for concessions in terms of governance. In essence, therefore, one can view the business as something of a runaway train in search of a Casey Jones.

It has been suggested that the FIA are deliberately keeping out of the issues at the moment as there is a clause in the 100 years rights which Max Mosley sold gave to Bernie Ecclestone which allows the rights to transfer back to the FIA if numbers of competitors drop below a particular number. Maybe the FIA are playing the long game, which could be very dangerous, in the hopes of it all collapsing around CVC and Bernie.

And if it did, imagine the allegations and litigation that would follow. Perhaps 'Lil Bernie may get his just desserts, seeing out his last days in a miserable penal institution

From the various court cases that have arisen around Ecclestone, and the governance of the FIA when Mosley was in charge - wasn't there a threat of taking the FIA from Europe and into other, less concerned with probity, countries - it would appear that dirty dealings are the norm.

There is the possibility that in Todt we have someone in charge of the FIA who is not only a fan of motor racing but is willing to play the long game. Then again, perhaps Todt just wants some money from F1 rather than just the drivers. In essence, F1 doesn't need the FIA. It can be ignored or even pushed to one side by a new, specific regulatory body.

Whether things are coming to a head or not is very difficult to say. Ecclestone still exercises a certain degree of control but the fact that no one is coming forward to replace him suggests there is some sort of move afoot. Promises might have been made so no one is willing to put their hat in the ring to bail out CVC. Brinkmanship is all very well but there is a degree of danger attached.

I personally don't care what happens to Ecclestone (although I did take a certain degree of pleasure in Mosley's downfall), all I'm concerned with is F1, and it is struggling at the moment. If Todt is waiting for the sport to implode, then victory might come at the cost of any spoils of war.

I get the feeling massive change is just around the corner but it is a bit like a big whale heading towards land with everyone making out they are trying to turn it around. I get the feeling that most of them only want to feed on the carcase.

[Chuggaboom]

Derek Smith said:

CVC want to sell

Why do they ? They are milking the F1 cash cow quite nicely under Bernie's management. Where else could they put their money and get a greater return, or are you suggesting they have had enough of a bad press and want out ? That would be one of the very few times a venture capital group put anything before dollars !?!?!?

[Derek Smith]

Chuggaboom said:

Derek Smith said:

CVC want to sell

Why do they ? They are milking the F1 cash cow quite nicely under Bernie's management. Where else could they put their money and get a greater return, or are you suggesting they have had enough of a bad press and want out ? That would be one of the very few times a venture capital group put anything before dollars !?!?!?

I am not in the inner sanctum of CVC and have no definite idea of why they want to sell. However, I would assume that they have what I would call needs. My belief is that they had to 'borrow with promises' I think the term is. I've no idea what it means, but I feel sure they do.

They would not have to sell it as one lump. There have been various suggestions of floating bits and pieces. Each of these have come to nought.

However, many blogs, including Joe's I believe, have over recent months and years suggested that there is concern with regards the bloke in charge of F1. The recent court cases have caused a problem, and Ecclestone having to pay a tremendous (at least to me and anyone else not super rich) amount of money to bring a civil action to end, and also the criminal case where his reputation did not emerge unscathed, has not helped matters.

if CVC want to float the company to realise their assets then if they want to hit max dollar they need to show that they are transparent. I tend to think that they are not.

As I say, I'm going by what the blogs and commentators say. There's an awful lot on the internet with regards to the machinations of CVC and Ecclestone. Much of it is worded tightly but if you read what is said by well regarded sources, the convolutions are easy enough to see through.

But I'm with you, I have no idea why CVC doesn't just kick out Ecclestone and put someone well regarded in his place and then milk the thing for all it is worth.

[Europa1]

Chuggaboom said:

Derek Smith said:

CVC want to sell

Why do they ? They are milking the F1 cash cow quite nicely under Bernie's management. Where else could they put their money and get a greater return, or are you suggesting they have had enough of a bad press and want out ? That would be one of the very few times a venture capital group put anything before dollars !?!?!?

They wanted to do an IPO, which amounts to a sale. CVC will have its own investors who will want to see their capital returned at some point.