Introduction
Formula One legend Eddie Jordan once summed up Bernie Ecclestone’s unparalleled business acumen with a line that perfectly captured the man’s audacity: “Anyone who has had a business, sold it four times, has never bought it back, has never lost its control, and still owns it is pretty special. And do you know the most important thing? He never f**king owned it in the first place.”
This was Bernie Ecclestone—the London wheeler-dealer with a signature mop of grey hair, usually seen sporting shades, standing at just 5 foot 2 but carrying a presence that could fill a room. he seemed to revel in his small stature, strutting through the paddocks of the 1990s and 2000s with his striking 6-foot-1 wife at his side while nervous journalists scrambled to get a word. He had a habit of ending conversations with a light slap on the cheek, almost like mafia don, a subtle but unmistakable signal of who was really in charge.
A master negotiator, He built Formula One into the global juggernaut it is today, making billions in the process. Ecclestone transformed the sport, amassed incredible wealth, and left a trail of controversy in his wake. He made powerful enemies, found himself in court more than once, and lived a life that reads like a gripping novel.
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Early Years: A Young Deal Maker
Born in 1930, the son of a Suffolk trawler captain, Ecclestone left school at 15. It was the immediate post-war era, a time when machinery and vehicles were scarce. Seeing an opportunity, he began scouring local newspapers and traveling across southeast London in search of bike parts he could buy and flip. This early hustle taught him “the value of everything” and cemented his love for the deal—especially when he came out on top.
His business instincts led him to partner with a local bike shop owner, Fred Compton, to establish Compton & Ecclestone. Before long, he bought out Compton’s stake and took full control. Under his leadership, Compton & Ecclestone became one of Britain’s biggest motorcycle dealerships, turning Ecclestone into a key player in London’s thriving trade scene. He had a rare ability to walk into a showroom and price everything at a glance. His deals were often so complex that rival traders would only realize—sometimes halfway home—that they had ended up with something they didn’t actually want.
Building an Empire
Through the 1950s, Ecclestone aggressively expanded his business empire. He snapped up neighboring car dealerships and used-car lots around London, transforming them into stylish showrooms. Real estate and financing ventures followed, making him a wealthy man while still in his twenties.
His financial ingenuity occasionally strayed into legally dubious territory. When he sold off his motorcycle dealership, he diverted around £10,000 from the proceeds—money that rightfully belonged to the taxman. A judge later described Ecclestone’s financial maneuverings as “altogether extraordinary,” questioning his credibility as a witness.
A Brief Racing Career—and a Quick Exit
Ecclestone’s love of motorsport led him to acquire a Cooper 500cc Formula 3 car and try his hand at racing. A bad crash that saw his car leave the track and end up in a nearby parking lot made him realise he was “better at doing deals than driving” and so he got into the business side of motor racing.
The Return to Racing
He started managing a promising 27-year-old British driver named Stuart Lewis-Evans, but tragically the Morocco Grand Prix in 1958. Lewis-Evans suffered a catastrophic engine failure, sending his car into a fiery crash. He was badly burned and succumbed to his injuries six days later. The loss devastated Ecclestone. He abruptly withdrew from the sport, spending much of the early 1960s on the sidelines, seemingly done with racing for good.
By the mid-’60s, he got back into managing a young Austrian driver named Jochen Rindt. Brash, supremely talented, and confident to the point of arrogance—everything about Rindt appealed to Ecclestone’s sensibilities.
Rindt delivered on his promise. In the 1970 F1 championship he had won five races and built a commanding lead. But then came Monza. A high-speed crash in practice took Rindt’s life before the season had even concluded. He would go on to win the title posthumously—the only driver in history to do so.
Bernie was shattered. Witnesses saw him weeping as he carried Rindt’s helmet away from the wreckage, and he reportedly swore never to get close to a driver again. From that moment on, he viewed them differently—not as friends, but as commodities. You might think that losing two drivers in such brutal fashion would turn Ecclestone into an advocate for safety. It did the opposite. Throughout his career, he would fight against increasing safety measures, arguing that danger was part of F1’s allure—that without it, the sport’s popularity and revenue would suffer.
Becoming a Team Owner
In late 1971, Bernie Ecclestone made his next major move in Formula One, purchasing the Brabham team for around £100,000. He assembled a team of talented engineers and by 1974/75 they were winning races and their success culminated in the 1980s, with Nelson Piquet securing the Drivers’ Championship in 1981 and again in 1983.
However, the mid-1980s with key personnel gone and Ecclestone increasingly focused on the business side of Formula One, Brabham’s performance declined. In 1988, he decided to step away from team ownership, selling Brabham for $13.5 million. To put that in perspective, today, the average cost of an F1 team exceeds $2 billion.
Bernie and FOCA
By the 1970s, Formula One teams found themselves in a financially lopsided system. Race organizers and the governing body— the FIA The Fédération Internationale de l'Automobile)- perceived as a stuffy, gentleman’s-type club with little or no commercial savvy—controlled the bulk of revenues from Grands Prix, while the teams struggled with inconsistent start money and meager sponsorships.
In 1974, prompting team owners to form the Formula One Constructors' Association (FOCA). Early on, Ecclestone—armed with his signature hard-nosed negotiating style—emerged as a key power broker within FOCA. By 1978, he had become its CEO, and under his leadership, FOCA began aggressively negotiating better terms for the teams and this of course led to a stand-off with the FIA.
At one point, FOCA even threatened to break away entirely, announcing the formation of a rival series called the World Professional Drivers’ Championship in late 1980. Eventually, in 1981,after a tense 13-hour negotiating session at the FIA’s Place de la Concorde headquarters they reached a historic resolution: the Concorde Agreement.
The agreement was a landmark moment for Formula One- and for Bernie. It resulted in equitable distribution of revenue. But the most crucial victory for Ecclestone came with the control of television rights. As part of the deal, FOCA had the authority to negotiate F1’s television contracts. FOCA, in turn, leased these rights to a new company that Bernie Ecclestone had set up and owned: Formula One Promotions and Administration (FOPA).- lots of acronyms
Ecclestone capitalized on his newfound control, transforming Grand Prix racing into a highly marketable television spectacle. He invested in dedicated broadcast infrastructure, introduced onboard cameras, and negotiated global TV package deals- up to then TV stations would buy may 1 or 2 races- now they bought the whole season. The impact was immediate. Throughout the early 1980s, Formula One’s television audience expanded rapidly across Europe and beyond, driving a surge in sponsorship value and fan engagement.
Growth in Revenue
By 1987, Bernie Ecclestone had secured a second Concorde Agreement, one that further tilted the financial structure in favor of his companies. Under this new arrangement, television revenues were split three ways: 47% to the teams, 30% to the FIA, and 23% to Ecclestone’s Formula One Promotions and Administration (FOPA).
Formula One’s revenues skyrocketed throughout the 80’s and 90’s.
Trackside advertising became another goldmine. Ecclestone’s associate, Paddy McNally, through his company Allsport Management, developed a unified system for selling signage around circuits, and then Ecclestone ensured that every aspect of television production was optimized to highlight sponsors—from trackside billboards to podium backdrops—maximizing the commercial potential of each race.
McNally also introduced another innovation: the Paddock Club. This high-end corporate hospitality experience redefined luxury in Formula One and it allowed Bernie to earn even more money from the top sponsors because they were only too happy to avail of this corporate hospitality.
In the mid-1990s Ecclestone struck a new deal with the FIA. By this time, Max Mosley—his former FOCA ally—was in charge of the FIA, and in 1995, they agreed to transfer all Formula One commercial rights from FOCA to Ecclestone’s company, Formula One Administration (FOA). The terms? A 14-year lease at just $10 million per year. At a time when Ecclestone’s company was generating over $90 million in profits annually, this was an astonishing coup. In 1996 alone, Ecclestone’s company paid him a personal salary of $83 million.
In effect, Ecclestone and Mosley had orchestrated a move in which the teams' collective rights were secretly sold back to Ecclestone himself. When the time came for the teams to sign the agreement, they balked. But Ecclestone’s leverage was too great. Using his usual tactic of divide and conquer, one by one, he got them to sign, cementing his control over the sport’s financial future.
Cashing Out
By the late 1990s, Formula One was valued in the billions, and Bernie began considering an initial public offering. Instead, he opted for private sales, selling 50% of F1 to German media company EM.TV in 1999 for approximately $1.65 billion. The following year, he offloaded another 25% to the Kirch Group for $1 billion. When EM.TV ran into financial trouble, Kirch Media stepped in, ultimately acquiring a controlling 75% stake in F1.
However, things took a turn in 2002 when Kirch Media went bankrupt, and its 75% stake in Formula One ended up in the hands of three banks (a German Bank, Lehman Brothers and JP Morgan). While they technically owned the majority of the business, they quickly realized that Ecclestone had stacked the board with loyalists, effectively blocking them from exercising control. The banks took him to court, arguing that he was improperly preventing them from managing their own asset. Bernie lost the case.
To many observers, this looked like the end of Ecclestone’s two-decade reign over Formula One. But underestimating Bernie was always a mistake—he had a knack for finding a way out of tricky situations. Behind the scenes, he quietly courted a new investor, one that could buy out the banks while keeping him firmly in place as Formula One’s supreme leader.
That investor emerged in 2006, when private equity firm CVC Capital Partners agreed to acquire the banks’ 75% stake—along with a portion of Ecclestone’s own shares—in a deal that valued Formula One at roughly $2 billion. CVC had no interest in micromanaging the business; they retained Ecclestone as CEO, giving him free rein to continue running the sport.
Years later this deal spiraled into controversy. A German banker, Gerhard Gribkowsky, later admitted to receiving a $44 million payment from Ecclestone during the negotiations—allegedly as a bribe to ensure CVC’s bid was favored. In 2013, Bernie was indicted on criminal bribery charges. The prosecution’s star witness was Gribkowsky himself, a convicted felon, which weakened their case. After months of testimony, the Munich court appeared unconvinced of Ecclestone’s criminal intent. Then, in a dramatic twist on August 5, 2014, Judge Peter Noll announced that the trial could be halted if Ecclestone agreed to a financial settlement. Bernie took the deal, paying a staggering $100 million to end the case without admitting guilt.
The outcome shocked many. One of the richest men in sports had, effectively, bought his way out of a trial that could have ended his career. But many in the paddocks weren’t surprised-they were very familiar with how slippery Bernie was, nearly always able to negotiate his way out of a tricky situation and come out on top.
TV Rights
Under Ecclestone’s leadership, F1 evolved from a primarily European competition into a truly worldwide spectacle.
New markets became a priority. Races in Malaysia (1999) and China (2004) marked early forays, followed by Bahrain’s Grand Prix debut in 2004—the sport’s first event in the Arab world. Soon, the calendar expanded to include Turkey, Singapore, South Korea, India, and Abu Dhabi. These new destinations often came at the expense of traditional European circuits, which struggled to meet Ecclestone’s steep financial demands.
As a result of this globalisation of the sport, Grands Prix were broadcast to hundreds of millions of viewers across more than 150 countries. By 2008, the sport’s cumulative global TV audience reached around 600 million per season.
Analysts marveled at Formula One’s economic model—virtually all of its revenue flowed through one man’s hands, an arrangement almost unheard of in elite sports. But not everyone prospered. Several team owners struggled under the weight of escalating costs. Ticket prices and hosting fees soared, putting historic venues like Silverstone and Monza on the brink of cancellation, often saved only by last-minute compromises.
Yet by 2006, when CVC Capital Partners entered the scene, Formula One was an undisputed business juggernaut.
2006–2016: The CVC Era
For Bernie Ecclestone, the CVC era cemented his position as one of Britain’s wealthiest individuals, By 2013, F1’s annual revenue had reached $1.7 billion, with profits exceeding $530 million, and Ecclestone’s fortune estimated at around $4 billion. Despite this, those who knew him well observed that his personal habits remained relatively frugal. He was far more interested in the game of making money than in spending it. As one journalist put it, “For Ecclestone, money… is merely his way of keeping the score.”
CVC, however, inherited a fractured landscape. Years of Ecclestone’s divisive leadership had created deep tensions, and by 2009, the situation erupted into open rebellion. Teams threatened to break away from F1, frustrated that they weren’t receiving a fair share of the sport’s booming TV and sponsorship revenues. Remember, the teams were receiving 47% split between all of them whereas Bernie was getting 23%.
Ecclestone responded as he always did—by playing divide and conquer. He secretly struck deals with some of the bigger teams while isolating others, ultimately forcing them all to accept his terms. But while he won the battle, the resentment lingered- By the mid 2010’s Ecclestone himself, while still razor-sharp, was now well into his mid-80s, teams were increasingly calling for change- many were fed up with Bernie’s control and style of leadership.
Bernie’s business model remained simple and old school: sell TV rights, sponsorship deals, and race hosting fees to the highest bidders.
But it was becoming clear, in this new online age, with the massive growth of social media that Bernie was out of touch, and his reluctance to embrace digital media became a growing issue. He dismissed efforts to expand Formula One’s online presence, arguing there was no clear way to monetize it. Critics accused him of prioritizing short-term profits over long-term audience growth.
Formula 1 had a fantastic product that they could and should have been utilising to better effect to reach a larger audience. In effect, Bernie had grown the business as much as he could, but others could see that there was a huge opportunity to grow it even further.
The Beginning of the End
In 2016, Liberty Media orchestrated an $8 billion takeover of Formula One’s parent company, a move that would permanently alter the sport’s leadership.
At first, Ecclestone insisted that Liberty wanted him to remain at the helm for three more years. But reality unfolded quite differently. In January 2017, he acknowledged the inevitable: “I am simply gone. It’s official. I am no longer the leader of the company.”
Liberty offered the 86-year-old a token role as “Chairman Emeritus,” but it was clear that his era was over. Chase Carey, the new CEO, later explained why Liberty had moved on from Ecclestone’s leadership: “Over the past four or five years, the business had not grown… to its full potential.” From Liberty’s perspective, Ecclestone’s outdated approach and focus on catering to “old rich white guys” had left Formula One’s fanbase and commercial potential underdeveloped.
And in fairness to Liberty, they were right- since taking over they’ve introduced a cost cap resulting in a more level playing field for the teams, they put huge focus on social media and targeting a younger age group and particularly in the USA- then of course there was the huge success of drive to survive and the introduction of the Las Vegas grand prix in 2023-all of this has led to a huge surge of new fans, increased revenue and the value of Liberty’s stake in F1 has more than doubled. Formula One is the most popular annual sporting series with over 750 million fans worldwide
Legal Troubles and Financial Fallout
Life has been so good for Bernie since stepping away from F1. British tax authorities had long been suspicious of his intricate web of offshore trusts and asset movements. In July 2022, the UK’s Crown Prosecution Service formally charged him with fraud by false representation, accusing him of failing to declare over £400 million ($492 million) in overseas assets.
This case stemmed from Ecclestone’s 2009 divorce from his second wife, which resulted in a staggering $1.2 billion settlement. During a 2015 interview with HMRC (Her Majesty’s Revenue and Customs), he was caught giving a misleading answer about a trust he controlled—essentially, he lied about its existence. Initially, he pleaded not guilty and prepared for trial. But in October 2023, at 92 years old, Ecclestone abruptly changed course, pleading guilty in a London court.
His punishment? A colossal financial hit. Ecclestone agreed to pay £652.6 million (approximately $800 million) to HMRC, covering unpaid taxes, interest, and penalties spanning nearly two decades. Between his divorce and this settlement, his net worth—once among the largest in sports—dropped to around $2.4 billion.
A Divisive Legacy
There’s no denying Ecclestone’s impact on Formula One. He built the sport into a global financial powerhouse. But his personality? That’s another story.
“If I had the choice of being loved or feared, I would rather be feared.” And he was feared. But leading through fear? That’s not exactly a quality to admire.
Then there’s his record on where he took the sport. He eagerly brought Formula One into countries with regimes that treat women as second-class citizens, criminalize homosexuality, and exploit migrant workers with little regard for their lives.
You can respect the empire he built while still questioning the cost at which it came.
Other Controversies
Bernie Ecclestone’s legacy isn’t just about business deals and the transformation of Formula One. His public statements over the years have sparked outrage, leaving many to question how someone so brilliant in the boardroom could be so staggeringly out of touch elsewhere.
In 2009, he made headlines with an astonishingly sympathetic take on Adolf Hitler during an interview with The Times of London: “Terrible to say this I suppose,” Ecclestone mused, “but apart from the fact that Hitler got taken away and persuaded to do things that I have no idea whether he wanted to do or not, he was – in the way that he could command a lot of people – able to get things done.”
Then there’s his view on female drivers. Back in 2005, he said that female drivers should “dress in white like all the other domestic appliances.”
His take on racial issues was no better. When Lewis Hamilton, the only Black driver in Formula One, publicly spoke out about racial injustice, Ecclestone appeared baffled by his reaction. “I’m surprised that [racism] concerns him,” he said, adding that he was “really unhappy if he [Hamilton] took it seriously.” Then, instead of stopping there, he dug an even deeper hole by claiming, “In many cases, Black people are more racist than what white people are.” It was clear that Ecclestone had little grasp of what racial injustice actually meant.
And then came his take on Vladimir Putin. In the summer of 2022, with Russia’s invasion of Ukraine in full swing, Ecclestone appeared on British television and staunchly defended the Russian president. “Putin is a first-class person,” he said, before declaring that he would “take a bullet” for him.
At 94 years old (as of 2025), Bernie Ecclestone remains a deeply polarizing figure. There is no denying that he was one of the architects of Formula One’s global success, transforming it from a niche motorsport into the multi-billion-dollar spectacle that so many love.
But his legacy isn’t just about business triumphs. The bribery of a German banker, pleading guilty to fraud in a London courtroom, praising dictators, and belittling women and minorities—these moments are all part of his story too. And they will shape how history remembers him.
And that’s what makes Bernie and the story of F1 such a great business story- I hope you’ve enjoyed it as much as I have, and remember if you have any comments, any corrections or any story that you’d like us to cover, email us at: info@gbspod.com
All the best folks