Ecclestone Steps Down as Formula One Racing’s Major Domo

Bernie Ecclestone, the brusque head of Formula One racing for 40 years, is stepping down as CEO. He will continue in the nonoperational role of chairman emeritus.

The announcement came on Monday afternoon when Liberty Media Corp., the U.S. media and entertainment conglomerate controlled by John Malone, finalized a complex $8 billion deal to acquire commercial rights to F1 from a group of owners led by Delta Topco.

Plans for the purchase were announced last September. The sport currently generates an estimated $1.5 billion annually, staging about 21 races worldwide.

Chase Carey, former executive vice president of film studio 21st Century Fox, will assume Ecclestone’s CEO position. Chase already serves as F1’s chairman. Ross Brawn, one of F1’s most successful team managers, will be managing director of motor sports.

F1 will become a part of Liberty Media’s Group, which is being renamed Formula One Group. The business will continue to be headquartered in London.

Ecclestone, now 86, participated in F1 racing as owner of England’s Brabham team in the 1970s. He has since built the sport into a multibillion-dollar juggernaut—and made himself a billionaire in the process.