Formula 1’s Future Appears Unclear As Former Diageo CEO Turns Down F1

Mystery "surrounds the future" of F1 CEO Bernie Ecclestone's anointed successor after it was claimed that former Diageo CEO Paul Walsh "has not taken up his seat" on F1's main board, according to Kevin Eason of the LONDON TIMES.

Walsh was "thought to be next in line to succeed F1's 84-year-old chief executive but reports suggest that he has not accepted the seat offered to him at the top table of the sport."

The "turbulence in the governance of F1" comes at a time when investigations have been launched into the running of FIFA. Serious questions "have also been asked about the running of F1," including the sale of F1 in '06 to CVC Capital Partners, the City-based private equity group.

Walsh "seemed to have been selected by CVC Capital Partners," F1's controlling shareholder, to take over from Ecclestone, but the "wily promoter, who has been in charge for almost 40 years, saw off his potential successor in a coup typical of the machinations of a sport run in secrecy."

CVC offered the boardroom role to Walsh as an "olive branch," while CVC Chair Donald Mackenzie "paved the way for change." If Walsh has refused to join F1, "a gaping hole remains where there should be a successor in place to run the F1 business." LONDON TIMES

Leave a Reply