29 January,2017 10:01 AM IST | | AFP
Bernie Ecclestone has denied he plans to create a rival competition to Formula One after losing his position as the sport's chief executive
London: Bernie Ecclestone has denied he plans to create a rival competition to Formula One after losing his position as the sport's chief executive.
Ecclestone's 40-year reign as Formula One's supremo came to an end earlier this week after American company Liberty Media completed a £6.4 billion ($8 billion) takeover.
Chase Carey, who was already the Formula One chairman, was given the title of CEO following the takeover as the curtain came down on Ecclestone's long-standing reign.
Reports emerged that Ecclestone could promote a breakaway series. But in a statement released of Friday, the 86-year-old said: "I wish to clear up the rumours that I am starting a series to compete against the FIA Formula One World Championship. I have built the Championship over the last near 50 years, which is something I am proud of, and the last thing I want, is to see it damaged. I am sure the new owner of the company will be able to carry out the administration."
