Formula One and Ecclestone: The Powershift?
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Code : LDS0005
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Region : Global |
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Bernard Ecclestone – Building The Empire The president of FormulaOneManagement, Ecclestone was the topman in Formula One racing, as he ownedmajor stakes in some key subsidiaries of Formula One that kept the sport going. Ecclestone was born on October 28th 1930 in Ipswich, Suffolk, England. The son of a trawler captain, Ecclestone left school at the age of 16 to racemotorcycles with the help of his father. He had promised that he would one day return to school, and eventually he earned a degree in chemical engineering fromWoolwich Polytechnic in southeast London... Formula One – The Financial Dominance In the 1970s, Formula One was a sport dominated by rich businessmen and minor aristocrats who were called the “blazerati”. Furthermore, the sport was unprofessional, the circuits and the cars were not safe, teams were struggling financially, and drivers were risking and losing their lives on a regular basis. The ordinary fansweremad-keen enthusiasts prepared to put upwith chaotic organization andmuddy fields to see their heroes flash by in a couple of seconds amidst a hail of spray. TV networks tended to broadcast only their national grand prix race (for example, in Italy, the TV networks only broadcasted the Italian Grand Prix) and sometimes one or two famous foreign ones, such asMonaco’s... The Big Plans The Formula One teams were not happywith the dealsmade by Ecclestone. They felt that Ecclestone held toomuch revenue and power. InApril 2001, a group of carmakers that financed the FormulaOne racing teams – Ferrari (owned by Fiat), Ford’s Jaguar, DaimlerChrysler, Mercedes, Renault and BMW – announced plans to create a rival series. In November 2001, the carmanufacturers formed an organization calledGrand PrixWorldChampionship (GPWC) Holdings in theNetherlands. At that time, they had threatened to start an auto-racing rival series in 2008 once the existingConcorde Agreement expired... |
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