Date: 5th February 2017 at 10:18am
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Mercedes team boss Toto Wolff hopes the new owners of Formula One will not ignore Bernie Ecclestone’s influence over the sport.

Formula One’s new owners Liberty Media Group have shook up the back room influences behind Formula One.

They have parted company with independent directors Sir Martin Sorrell, Jean-Marc Huet and Chong Seng Kwa and Bernie Ecclestone will no longer run the sport on a day-to-day basis, instead he has been offered the position of honorary president.

Chase Carey has become chairman and CEO, with Ross Brawn returning to the sport to oversee sporting and technical areas of the business.

‘With Bernie, you never know if he’s really gone or if he’s going to come back somehow, However, Liberty has not only gained the majority of shares in Formula 1 but also secured the voting rights, Chase Carey is the new boss, that is a fact, though Bernie might stay on as honorary president. Toto Wolff told Frankfurter Allgemeine Zeitung as quoted by

Wolff believes that whilst Formula One was not perfect under the near dictatorship of Ecclestone, he also recognises the great job Ecclestone did running the sport as a one-man-band.

‘There is a risk that a lot of knowledge is lost, Bernie has developed this series into one of the largest global sports companies in the last forty years. He has made incredibly good deals, we have long-term TV contracts and we achieve great reach because we run on free TV. Becoming part of that is certainly not easy because so much is based on personal relationships that Bernie has built up over decades.

‘On the other hand, there are also blind spots where we can improve, We do not have enough in the digital media yet. This is something that is not yet monetised, but as a marketing tool it is of immense importance to attract new target groups.’