The former boss of IndyCar's forerunner has revealed that he made a daring bid to buy Formula One.
It fueled a rivalry between the two championships and CART turned to the markets to drive its growth. It listed on the New York Stock Exchange in 1998 which gave the team owners liquidity as they each had a stake in the series.
His contacts included senior executives at brands like Coca-Cola, 3M, Panasonic, Texaco, Visa and FedEx, which was CART's title sponsor. During his six-year tenure Craig transformed CART from being a small privately-held club with annual revenue of $20 million and marginal profitability to a public company with $75 million in annual revenue.
The case was closed in 2001 but Ecclestone didn't hang about for that. In 1999 he secured a $1.4 billion bond on F1's revenues and over the following 20 years raised a total of $3 billion for himself and his Bambino family trust by selling stakes in the sport. The latest disposals came just three years ago when Liberty Media got the keys to F1 and finally listed it, this time on the Nasdaq with the ticker FWONK.
"We acquired Indy Lights. We acquired Atlantic and were looking for other acquisitions so it was natural to have a conversation about F1. We had just gone to market and raised money which raised the question of what we were going to do with it. It would not have been too hard to buy F1." "Taking a sports company public is a little challenging because investors tend not to take sports that seriously as public companies. It was also at the height of the internet bubble which was near to collapsing. So in our presentations we said 'we are a traditional industrial company, a manufacturing company. We manufacture and sell motor races'.
Given his experience in the driving seat of a listed single-seater race series, Craig has been mentioned as a successor to F1's current boss Chase Carey and ironically, that could see him dealing with IndyCar again.
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