How $301 Million Liberty Media Acquisition Rescued F1 From the Hands of Skeptical Bernie Ecclestone

Bernie Ecclestone became the CEO of Formula 1 in the 1970s. It is fair to say that he transformed the sport over his decades-long tenure and is one of the prime reasons for the sport’s popularity across the globe.

However, Ecclestone was a traditionalist when it came to F1. His old-school way of thinking caused many fans to think he was against change. Further, before he handed the reins to Liberty Media, F1 did not attract the massive American market despite its potential.

Bernie Ecclestone opens up on the reason for poor marketability in America

A few years back, Ecclestone believed American sports were longer and people could take a break in between the games. However, according to him, Formula 1 is full of moments where the fans needed to watch the whole race to not miss the game-changing moments. As a result, they struggled to attract the US market.

He also believed that the US broadcasters had commercial interests in mind. Expanding on the reason for poor marketability in the country, he said, “The TV in America for us has been really really bad. We’ve never ever, ever, even when we bought time on ABC was the same. We got messed around because they used to sell all the affiliates to sell commercials in all the different places.”

“So, it was always a bit of confusion, whereas the rest of the world we get good television coverage and the minute we get that in the States, Formula 1 would work in America. Because I think the broadcasters do what they know is good for them. It works for them.”

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They’re commercial, so that’s what they’re interested in, which is good, 100 percent correct. They’re doing nothing wrong. It’s the case that maybe the product doesn’t fit into a way TV in America works. Perhaps that’s the reason,” Bernie revealed ahead of the takeover in 2017, when Liberty Media bought Formula One For $301 Million.

The Englishman also felt that F1 had outgrown the United States. As a result, they concentrated on the Asian markets to expand the sport’s potential across the world.

How Liberty Media turned the tides in Formula 1?

Liberty Media, the US-based company, stepped into the F1 market with clear ambitions. The focus was to turn the sport into an entertainment factor and accessible to all the fans.

Liberty Media quickly recognized the importance of storytelling and changed the outlook of the official F1 YouTube channel, among others, to focus on that. Their efforts have successfully elevated F1 production quality by signing Netflix for “Drive To Survive”.

The series is arguably the turning point in F1, as it attracted a massive amount of fans across the globe. The United States market for the sport is currently at an all-time high. As a result, there are three races scheduled in the country from 2023.

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Amid the regulation changes to make the sport competitive, Formula 1’s popularity is at an all-time high. So, the impact of Liberty Media to popularize the sport cannot be underestimated.