CVC Capital Partners, owner of the biggest slice of the F1 business and which the BBC reported this week “has made a mind-boggling $US8.2 billion from its investment”, has confirmed that 84-year-old Bernie Ecclestone will remain at the sport’s commercial helm.
Moves to install Paul Walsh, the former chief executive of alcoholic drinks company Diageo, as chairman of key F1 company Delta Topco were seen as an attempt to oust Ecclestone because of lingering concerns about this year’s bribery case in Germany – which Ecclestone ended by paying US$100 million – and his age.
However, Walsh declined to take on a role as executive chairman.
Instead he has become a non-executive director of the company.
Former Ferrari chief Luca di Montezemolo, who had represented the Italian company on the Delta Topco board for two years, has become a director in his own right now since his recent exit from Ferrari.
Montezomolo is likely to remain supportive of Ecclestone.
Peter Brabeck-Letmathe remains chairman of Delta Topco as well as confectionary giant Nestle, despite deteriorating health.
Ecclestone often has been criticised for not having a succession plan, but lately he has raised the name of his top in-house lawyer, Sacha Woodward-Hill, as his possible replacement.
However, evidence that he pretty much sees himself as irreplaceable came in his latest throwaway line: “It’s hard to find a singer like Sinatra.”