Bernie - The future
Discussion
This was printed in the business section of The Sunday Time today.
Sir Stuart Rose, the former Marks & Spencer boss, is being lined up to replace Bernie Ecclestone as head of Formula One.
Rose has been shortlisted for the job by CVC, the private equity giant that owns the motor racing company. He would be expected to take over from Ecclestone next year.
The F1 supremo is 81 and CVC is keen to find his successor as it prepares to cash in on its investment. Sources say it favours a stock market float of F1 in Asia next year.
Ecclestone has been at the heart of F1 for decades, and has turned it into one of the biggest sports franchises in the world. CVC took control of Delta Topco, the F1 parent company, in 2006, paying £1.1 billion. Ecclestone and his family trust hold a minority stake.
It is understood several conversations have been held with Rose about succeeding the billionaire tycoon. The negotiations have been complicated by Ecclestone’s role as the star witness in the trial of Gerhard Gribkowsky. The former investment banker is accused of receiving a $44m (£28m) bribe from Ecclestone and a trust linked to his wife when CVC bought Formula One. Neither CVC nor Ecclestone has been accused of any wrongdoing.
CVC wants a senior businessman who can make the most of the sport’s growing popularity among Asia’s huge population. Rose spent seven years at the helm of M&S.
Sir Stuart Rose, the former Marks & Spencer boss, is being lined up to replace Bernie Ecclestone as head of Formula One.
Rose has been shortlisted for the job by CVC, the private equity giant that owns the motor racing company. He would be expected to take over from Ecclestone next year.
The F1 supremo is 81 and CVC is keen to find his successor as it prepares to cash in on its investment. Sources say it favours a stock market float of F1 in Asia next year.
Ecclestone has been at the heart of F1 for decades, and has turned it into one of the biggest sports franchises in the world. CVC took control of Delta Topco, the F1 parent company, in 2006, paying £1.1 billion. Ecclestone and his family trust hold a minority stake.
It is understood several conversations have been held with Rose about succeeding the billionaire tycoon. The negotiations have been complicated by Ecclestone’s role as the star witness in the trial of Gerhard Gribkowsky. The former investment banker is accused of receiving a $44m (£28m) bribe from Ecclestone and a trust linked to his wife when CVC bought Formula One. Neither CVC nor Ecclestone has been accused of any wrongdoing.
CVC wants a senior businessman who can make the most of the sport’s growing popularity among Asia’s huge population. Rose spent seven years at the helm of M&S.
Floating eh? That was discounted some time ago due to the state of the markets. A bit odd to see it come back again.
Bernie is an employee of CVC so they can, subject to contract, kick him out at any time. If they are going to float it then having Bernie as their front man when all sorts of odd things are coming out at the Gribkowsky trial might be seen as a bit of a downer. Further, his recent pronouncements have been a bit, shall we say, risky.
Bernie's original strength was his friendship with the boss of the FIA. he managed to maintain a lot of contacts and his negotiating powers with foreign governments are obviously very productive.
The problem with floating is that they need a front man who will do the publicity bit to perfection. Who could criticise Rose?
A bit of a surprise but the more I think about it the clearer it becomes I suppose. Bernie does seem to be yesterday. The sale of F1 to Murdoch might well be his swansong. It might well be the swansong for F1 as well come to that.
Put Rose in charge and that means it will become a commodity.
Bernie is an employee of CVC so they can, subject to contract, kick him out at any time. If they are going to float it then having Bernie as their front man when all sorts of odd things are coming out at the Gribkowsky trial might be seen as a bit of a downer. Further, his recent pronouncements have been a bit, shall we say, risky.
Bernie's original strength was his friendship with the boss of the FIA. he managed to maintain a lot of contacts and his negotiating powers with foreign governments are obviously very productive.
The problem with floating is that they need a front man who will do the publicity bit to perfection. Who could criticise Rose?
A bit of a surprise but the more I think about it the clearer it becomes I suppose. Bernie does seem to be yesterday. The sale of F1 to Murdoch might well be his swansong. It might well be the swansong for F1 as well come to that.
Put Rose in charge and that means it will become a commodity.
It's a pretty big appointment.
Look at F1 nowadays - it dwarfs all other Motorsport, that hasn't happened by accident. And hasn't always been the case. To Mr Sports Editor/Joe Public, Motorsport=F1......Personally, i think it's been to the detriment of other Motorsport that F1 is so big.
All other Motorsport has become niche, diluted, etc
Look at F1 nowadays - it dwarfs all other Motorsport, that hasn't happened by accident. And hasn't always been the case. To Mr Sports Editor/Joe Public, Motorsport=F1......Personally, i think it's been to the detriment of other Motorsport that F1 is so big.
All other Motorsport has become niche, diluted, etc
ArnageWRC said:
It's a pretty big appointment.
Look at F1 nowadays - it dwarfs all other Motorsport, that hasn't happened by accident. And hasn't always been the case. To Mr Sports Editor/Joe Public, Motorsport=F1......Personally, i think it's been to the detriment of other Motorsport that F1 is so big.
All other Motorsport has become niche, diluted, etc
Personally I think F1 to the detriment of F1, has become so big.Look at F1 nowadays - it dwarfs all other Motorsport, that hasn't happened by accident. And hasn't always been the case. To Mr Sports Editor/Joe Public, Motorsport=F1......Personally, i think it's been to the detriment of other Motorsport that F1 is so big.
All other Motorsport has become niche, diluted, etc
Fire99 said:
Personally I think F1 to the detriment of F1, has become so big.
Don't disagree - but the die has been cast. How often on a Monday morning will people in work talk about the F1 GP, whereas, say, 10-15-20 years ago, only the 'Petrolheads/afficionados' would comment about it?ArnageWRC said:
Fire99 said:
Personally I think F1 to the detriment of F1, has become so big.
Don't disagree - but the die has been cast. How often on a Monday morning will people in work talk about the F1 GP, whereas, say, 10-15-20 years ago, only the 'Petrolheads/afficionados' would comment about it?From my own memory, the ONLY time non F1 fans were discussing F1 at work on a Monday morning was in the James Hunt era. And the only other times non-F1 fans generally discussed F1 was when someone was killed.
I don't see things being all that much different today.
Edited by Eric Mc on Sunday 27th November 17:50
ArnageWRC said:
It's a pretty big appointment.
Look at F1 nowadays - it dwarfs all other Motorsport, that hasn't happened by accident. And hasn't always been the case. To Mr Sports Editor/Joe Public, Motorsport=F1......Personally, i think it's been to the detriment of other Motorsport that F1 is so big.
All other Motorsport has become niche, diluted, etc
All motorsport other than F1 suffered under Mosley. During his tenure everything went downhill. Rally, WSC, and all the others. Todt, not my favourite man, has started to change things. That said, it was a matter of necessity as the FIA would appear to have very little income nowadays. We'll see what CVC offer them for their support in the concord negotiations.Look at F1 nowadays - it dwarfs all other Motorsport, that hasn't happened by accident. And hasn't always been the case. To Mr Sports Editor/Joe Public, Motorsport=F1......Personally, i think it's been to the detriment of other Motorsport that F1 is so big.
All other Motorsport has become niche, diluted, etc
My take on the story is that Bernie will still be there making the important deals with FOTA and circuits etc. Rose will be brought in to add some respectability to float part of the company in Asia.
According to Joe Saward http://joesaward.wordpress.com/2011/04/06/some-num... CVC made $341 million last year and they have the FIA rights for 100 years, so they just want to get their original investment back without any underhand deals needing to be done (e.g. another Gribkowsky)
According to Joe Saward http://joesaward.wordpress.com/2011/04/06/some-num... CVC made $341 million last year and they have the FIA rights for 100 years, so they just want to get their original investment back without any underhand deals needing to be done (e.g. another Gribkowsky)
Edited by rdjohn on Monday 28th November 16:05
rdjohn said:
My take on the story is that Bernie will still be there making the important deals with FOTA and circuits etc. Rose will be brought in to add some respectability to float part of the company in Asia.
According to Joe Saward http://joesaward.wordpress.com/2011/04/06/some-num... CVC made $341 last year and they have the FIA rights for 100 years, so they just want to get their original investment back without any underhand deals needing to be done (e.g. another Gribkowsky)
$341 - wow!According to Joe Saward http://joesaward.wordpress.com/2011/04/06/some-num... CVC made $341 last year and they have the FIA rights for 100 years, so they just want to get their original investment back without any underhand deals needing to be done (e.g. another Gribkowsky)
Rose may well have some sort of position with CVC. But Bernie will continue to run F1 until he's six feet under and even then I suspect he's already looking for post death loopholes. Just read Tom Bower's book about Mr B. It certainly did not make me like Bernie, but you can't help but have respect for his street fighter approach. No way will he hand it to anyone.
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