When Bernie Ecclestone ran the show, he courted as much controversy as anyone who has ever set foot in the Formula 1 paddock. But as renowned as he was for his sometimes outlandish, and at other times contentious, views Ecclestone had the first and last say about any goings on in the sport.
For as much as he is maligned, he should also be lauded.
After all, it is Ecclestone who, arguably, professionalized the sport of Formula 1. Most vitally, he listened to Dr. Sid Watkins when it came to the safety and medical improvements so desperately needed in the sport. And with a bevy of collaborators and partners he steadily improved this fundamental aspect of Formula 1.
He was also never one to turn down a buck. If you wanted to host a race, you’d have to pony up a decent amount of cash to make it happen. And behind it all was the mastermind of Ecclestone pulling all the money strings. And not only that but pretty much every decision made in Formula 1 ran through Ecclestone first. But perhaps even he, who loved to wheel and deal so much, lost a bit of his verve for the daily running of the world’s premier racing series. So, in late 2016 Liberty Media bought the commercial rights to Formula 1 for 8 billion US dollars.
The intent was clear from the start. They wanted to boost the profile of Formula 1 in America to stratospheric heights. Initially, they implemented a lot of gimmicks such as talking to the driver of the day over team radio and, of course, the now infamous and wholly cringe fest that was the NFL-like introduction of drivers at the US grand prix in Texas.
Although not every decision was hit anyone would have to admit that most Liberty Media ideas and plans have worked a treat. The Drive to Survive series, by Netflix, has seen an influx of younger fans and so has more visits to the North American continent. This includes a highly anticipated, and marketed, night race on the Las Vegas strip.
How well has Liberty Media done?
In 2021 F1’s operating income, a form of profit, was up by an astonishing 333%.
F1, and Liberty Media, have also secured a deal with ESPN.com until the end of 2025 that is reportedly worth between 75 and 90 million dollars per year. While there has been a 28% increase in US viewership from 2021 to 2022 Formula 1 reported a global audience of 1.55 billion for the 2021 season.
Formula 1 went from Ecclestone’s controversy-laden reign to Liberty Media’s new era of modernisation. While Ecclestone left his indelible mark, Liberty Media injected a shot of American flair. Their inventive antics, like the Drive to Survive series and glitzy Vegas night race, paid off handsomely, with Formula 1’s profits soaring and global viewership hitting new heights. This transition, like a thrilling plot twist, promises an exciting future for the sport on the world stage.
