Bernie Ecclestone has been the most important figure in Formula One for decades. His autocratic management earned him a considerable net worth.
Of all the personalities that shaped Formula One and the racing industry, Bernie Ecclestone is possibly the most relevant one. Born in 1930, the 93 years old Bernie went from a modest racing career to the most important executive in Formula One’s history. Today, Bernie Ecclestone’s net worth amounts to one of the most significant in the entertainment world.
Bernie Ecclestone’s racing career started after World War II in the United Kingdom. He started as a Formula Three pilot, though he never had a stellar sports career. Instead, after his retirement from behind the wheel, Ecclestone found his fortune in business management.
Ecclestone bought a second-class team, Brabham, for £100.000. Ecclestone’s intention was to make it a Formula One racing team, signing a series of lucrative deals with Alfa Romeo first and BMW later. Unfortunately, Brabham’s original executives all passed away and eventually Ecclestone sold the team for $5 million.
Meanwhile, Ecclestone was taking an increasingly more important role in the competition’s executive team. In 1974, he founded the Formula One Constructor Association (FOCA), which started competing with the main racing organization at the time: the FISA.
The two organizations started a bloody war for control, which was concluded in 1981 with the Concorde Agreement. This deal established Bernie Ecclestone as a key figure in Formula One history.
Bernie Ecclestone as Formula One executive
The Concorde Agreement skyrocketed Formula One in the commercial entertainment space. With the agreement, every sports team in competition had a right for commercial appearance, increasing the amount of sponsorship and therefore the money invested in Formula One.
Furthermore, Bernie Ecclestone managed to retain television rights, making him an indispensable figure in the industry.
Under Ecclestone, Formula One became far more competitive. Teams would get 47% of television revenues, therefore “racing” to get as much air-time as possible. Ecclestone’s autocratic system also allowed for open competition between team members. To mitigate a risk at the top, technical specifications of cars are revised every year.
But Ecclestone was also against any kind of visibility on the internet. It wouldn’t be until 2017, when Liberty Media acquired Ecclestone’s position, that Formula One was finally advertised on social networks.
Nowadays, thanks to the increased visibility, Formula One has more viewers than ever in its history.
Nevertheless, Bernie Ecclestone remains a crucial chapter in the sport’s history. His role as chief executive also earned him a more than significant fortune. Today, Bernie Ecclestone’s net worth amounts to $3.3 billion.
Along with many, many controversies, in 2022 Ecclestone was also accused of tax fraud. His trial will begin in November 2023 and he faces a £400 million fee.
