Formula One supremo Bernie Ecclestone has revealed he has no intention of ever buying back the shares in Formula One he sold to CVC back in 2005.
Speaking to Gulf News Bernie claimed he was happy with the five percent shareholding he currently holds and he has no intention of increasing this unless he could gain sole control of the sport, something very unlikely in the current climate of Formula One and something that would require far too much commitment from the 85-year-old.
”No way. No thanks. Not at all. It would be too difficult and far too complicated.” I am quite happy the share holding I have. I would either want to buy more or less all the other shares so there would be no democracy. And I would not want that.”
“I am quite happy the share holding I have. I would either want to buy more or less all the other shares so there would be no democracy. And I would not want that.”
Bernie also revealed he has been looking for some help in the day to day running of the sport and perhaps a successor but everyone he had suggested and spoken to was disregarded by majority shareholders CVC, leaving him alone in his quest to make Formula One bigger and better.
“The shareholders were desperate to see if they could get somebody to help me and in case something happened to me and I was not here to run the business.”
“I’ve been looking for a few years and I would be really happy to have somebody who could share some of the responsibilities I face every hour of every day and ease the burden of some of the total rubbish I have to try and cope with every time I get behind my desk and let me get on with what is best for F1.”
“There are a couple of people I would be happy with and I put their names forward, people I would have been content and satisfied to have working with me to spread the load — but their names were dismissed.”
You could be forgiven for thinking Bernie Ecclestone was fed up with the politics and he was ready to leave the sport for good but despite everything that has happened and all of the pressure he is under the man who changed Formula One has no intention of stepping aside just yet, much to the dismay of many.
“My view of life and business is simple and uncomplicated: do your utmost to make a success, stay involved — or get out.
“And, despite the setbacks, and my backing down from a buyout, I’m going nowhere.
“Well….not just yet.”
After the GPDA (Grand Prix Drivers Association) sent an open letter to Formula One yesterday, pressure on Bernie to step aside will be increased with all of the drivers wanting a change to the way Formula One is run he may be losing his grip.