Ecclestone: I was running the company to make profits


Deposed Formula 1 supremo Bernie Ecclestone has spoken out in his defence amid more criticism of his unique style of managing the sport.

F1’s new boss Chase Carey accused Ecclestone of using divide and rule management tactics as well as instilling a culture of ‘No’ that prevailed in the organisation which the 86 year old ruled over for decades.

Ecclestone told Press Association, “The only reason I have ever said no to anything is [when] I thought it wasn’t a very good thing to do or it didn’t produce any income.”

“This business about a short-term focus is the only thing that I am a little bit envious that Chase has got and I never had.”

“I was running the company as a chief executive to make profits and make the value of the company worth a lot more because the major shareholder, CVC Capital Partners, wanted to sell.”

“I had to make sure we could get the maximum financially we could for the company to make it interesting for somebody to buy which is obviously what happened,” explained Ecclestone