Formula 1, the triumph of greed

Bernie kills the golden goose ... There was once, in the early 1970's, a business man in his early forties with little real money but high ambition, a lover of motor racing, a former driver himself and latterly a manager of drivers. A man who seemed to love racing and those around it, not for wealth, for in those days (and, in truth, now) the easiest way in racing to earn a small fortune was to start with a large one, but for the sake of the competition, the thrill of the win, the constant need to go faster, higher, better. 45 years later, at age 84, Bernard Charles Ecclestone is the fourth richest man in Britain, worth US$ 4.5 Billion. The story of how he became so rich is not for here; along the way he owned a team and won championships, built good cars, hired good people and was part of the "garagiste's", the cabal of Anglo's and Anglo commonwealth racers who were such a thorn in the side of El Commendatore Enzo Ferrari. But somewhere along the journey from there to here, money seems to have became more important to Mr. E. than racing, much more important. Mr. E. is about to kill the golden goose, or perhaps it's Mr. E's employers, CVC Capital Partners, who seem to think that owning the commercial rites to Formula 1 means that they get paid exorbitant amounts and those that compete can take what they deign to hand out. Mr. E. has carefully and craftily played the egos of all involved over the years, pitting some against others, dividing and ultimately conquering; until now ... Now there is a crisis, two teams are in receivership, not necessarily unusual, teams have always come and gone, but there are three more seriously struggling with the costs of F1 and the seriously unequal returns. Bernie seems mostly un-fazed, apart from a rare slip admitting culpability, swiftly retracted and followed by a return to the hard line. Is CVC pulling strings, is Bernie a puppet, does someone know where the bodies are buried? All good questions with few public answers ... But all questions that will get asked and which are not necessarily good for a man who has been through a bribery and corruption trial and is rumored to be under investigation for tax avoidance. Bernie/CVC are about to kill the golden goose, the fans are finally tired of all the politics, the ratings are falling, interest is waning. What price the fourth richest man in Britain Bernie; in the words of John Lennon: "how do you sleep"?

Leave a Reply