Date With Destiny

Bernard Ecclestone turned 86 in October. For more than 40 years he has been at the top of Formula 1; calling the shots, single-handedly negotiating some very difficult patches that would have no doubt defeated others decades younger and making boat loads of money along the way for everyone involved in the process. There was no sign that he was getting set to hand over the reigns, at least willingly, anytime soon, but fate, as they say, waits for no man.

- George Woods Baker

To say he is a survivor is to miss the point. Mr E is an impresario. To use a popular term in tech circles these days he’s a “founder” and a renaissance man who fashioned an entire industry out of bits of metal and rubber with a dash of pizzazz. He made it up as he went along seizing opportunities and mitigating risk. What started as a game of roulette became Mr Ecclestone’s favorite game of Backgammon, a strategy game with a high risk factor that routinely separates a fool from his money if he fails to appreciate that.

Ecclestone (and don’t call him Bernie unless you are on familiar terms) has always maintained, with a dismissive wave, that regardless of who owns the shares, from time to time, he runs Formula 1 as if it all belonged to him. He insists he isn’t concerned about legacy. That would be looking back and he’d rather sort out what’s right in front of him.

Formula 1’s shareholders, including CVC, had, so far, been happy to oblige. Why not? The sport generated a return in excess of 350% on their original investment of $2B ten years ago. A substantially better return than most of CVC’s portfolio. Certainly strong enough to attract several serious tire-kickers over the past few years. Yet none of them had the capacity and experience to really take Formula 1 to the next level and beyond until last September. And just like that, whether he liked it or not, Mr Ecclestone was faced with new players at his table. 

THE ESSENTIAL MOMENT