Formula One motor racing supremo
Bernie Ecclestone pledged today to keep the sport on free-to-air television as he tries to counter a threat by car makers to set up a rival series.
Ecclestone said he would remain at the head of Formula One for the next five years following a deal in which German media company Kirch effectively acquired a 75 per cent stake in SLEC, the Formula One holding company.
"I have been assured that my policy of securing worldwide extensive live free over the air TV coverage remains unchanged, and that races will only be allocated into countries which will be in the best interests of the teams, manufacturers and sponsors," Ecclestone said in a statement released in Geneva.
Europe's leading car makers including Ferrari threatened on Wednesday to set up a rival series in a power struggle over TV rights and commercial control of the sport.
The car makers fear that Kirch would migrate the sport to pay television channels, depriving sponsors of the mass audience they seek in return for bankrolling the teams.
Ecclestone, the man who turned Formula One into a huge money-spinner, retains a 25 per cent stake in SLEC.