This article is based on the book, Bernie Ecclestone: King of Sport by Terry Lovell and is not an excerpt.
The 1930 Great Depression of England had one young entrepreneur hone his natural business acumen and emerge into the future to be proclaimed as the "Emperor of F1."
Bernie Ecclestone and his rise to power is no figment of someone's imagination. The man is not a myth modeled on some glorious historical figure. Nor is he some technical wizard or intellectual.
A 1951 accident put paid to his on-track exploits but off track he continued to make his mark in the sport to finally climb all over a sport that had poor management until then.
What was he willing to do that other managers or team bosses before his reign did not want to do? What was it that made this man what he is? Who is he? Why is he so all powerful?
Well, it is not hard to guess.
Anyone who deals in Real Estate or Loan Financing would tell you that Bernie Ecclestone is a good negotiator and a good property dealer. Also, none could get away without paying back the loans.
Real Estate was his golden path that made him millions. He saw that Grand Prix racing is where the money is. His chums were all these rich guys who just wanted to shell out huge sums to race but hated sitting across the board from each other. There was no uniformity and it was not such a matter of prestige to be a part of the GP circus year after year until then, so a few teams used to take time out most often.
Bernie worked out the math, learnt that these rich guys who are all loving the GP scene had some communication gaps and lacked organizational setup, got into the act.
Bernie Ecclestone became the operations head (ops head) for the sport that was Grand Prix racing and that is Formula One. The team bosses who all had massive egos came to realize that this diminutive man could in fact get them all to compete on the same canvas.
Bernie ensured (with the help of some like Enzo, etc,) to bring about quality and quantity into the sport. But this article is certainly not a subtext to his exploits in Formula One. It is more of an analysis into "Who is Bernie Ecclestone?"
Who is Bernie Eccelestone?
This is not a trivia question. All of us know what is happening in the world of finance, but few of us realize that this is more a problem of men (genderless) rather than money.
Men who are willing to compromise all that they value just to make a fast buck. Men who are willing to live on OPM (Other People's Money). Men who are willing to deprive themselves nothing while bloating up their balance sheets. Men such as the famed Enron example, Ken Lay. Men without principles, and ethics, men whose integrity is at stake. Why am I saying this? Here are my reasons: when Citibank fell—none of the top executives got roasted, it is only the small fry that got burnt and snivelled. When Lehman died—none of the top executives got fried, it is only the small investors that got carted off to Barclay land.
Some people fail to register in their minds the fact that the Governments in their bailout plans are paying two-thirds more for the same stock that they can get for two-thirds less on the stock exchange. And all these bailouts are going to end up as tax dollars on people's payslips soon. So, "bailing out whom?" is a very pertinent question. A few days after/a little before Lehman fell, their top executives went on a holiday somewhere, don't believe me—scan your news radar in the mainstream media (MSM).
So, why am I bringing up all this in a discussion on Bernie Eccelstone. CVC Capital Partners is an offshoot of Citibank.
Bernie has made millions selling his stake through his shell companies. Did he put F1 into the hands of yet another bailout candidate?
Is he going to be another Ken Lay?
Not so!
Bernie loves the sport or so some think. Is that true? Let's go with the opinion that Bernie Ecclestone loves F1 and that he will do anything to keep it alive in his lifetime.
Here are a couple of questions that will help us understand if he loves the sport or not:
Q—Did he for instance give anything back to the sport?
A—Yes, he made it one of the most premier and premium sports in the world. He brought in sponsorship, better organization, better tracks and a cohesion between the teams
Q—Did he for just a second try to get in more money into F1?
A—Yes, not only did he profit (is it grubby profiting?) but he also brought in more hedge funds, investment banks etc., into the loop.
Two aspects that prove to us that he in all likelihood loves the sport. Will he see the sport die before his time? No! He has too much at stake apart from money. Money is not everything sometimes—it is reputation, power, a desire to leave their mark on the sport long after they are gone from the face of this earth to remain in people's memories as the saviour of the sport. Bernie Ecclestone would want all that and more.
Bernie would want to be remembered for being the man who elevated the sport to an international level. He would like to be remembered for taking the sport out of its European setting and making it more reachable for peoples across all walks of life and all crazy parts of the continents. He wants to be remembered for making F1 a common sport and not an elite sport. He wants to be credited for making F1 not just the fancy of some rich playboys but of a plebeian/commoner too.
Should we hate the man for wanting to remain in the annals of history as the man who made F1 more universally acceptable and permeable?
Disclaimer: This article is based on personal observations and opinions and is not a statement of fact.
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