“I’m happy with things at the moment,” Ecclestone said when asked about his tenure at the company and a possible sale. “Let’s see how they continue.”
Brand Marketing
Former executives involved in the sport have said he should be spending more time marketing the brand, especially to younger consumers by using social media and mobile advertising.
Attendance has gradually declined in some of Formula One’s larger markets, such as Germany, contributing to the country losing its place on the fixture calendar in 2015, according to a report by sports marketing research group Repucom.
“The sport does need to be made entertaining,” said Nick Fry, a former executive officer of the Mercedes Formula 1 team. “It was relatively late to using the internet as a tool, for example, and a media company like Sky would add huge value.”
Ecclestone responded that the sport “is successful the way I run it.”
CVC has used Formula One as a calling card to raise more money from institutions including the California Public Employees’ Retirement System and Government of Singapore Investment Corporation, which took a stake in the firm in 2012.
It has grown into Europe’s largest private investment shop and the world’s ninth biggest, with $85 billion under management, according to data provider Preqin, making inroads in the U.S. market with stakes in Pilot Flying J Inc., BJ’s Wholesale Club Inc. and Petco Animal Supplies Inc. “CVC’s great strength has been to allow Bernie to get on with managing the company,” said Adam Parr. “Even during the bribery trial, where there was a chance for a coup, nothing changed. They got out the way and have reaped the rewards.”