Ferrari has veto over Ecclestone successor
5 December 2013 – Bernie Ecclestone has revealed that Ferrari has a veto over who will succeed him as head of Formula 1.
The 83-year-old, who has controlled the sport's commericial rights since 1978, recently revealed that he would ideally like to hand over power to Red Bull team boss Christian Horner.
Recalling his thought process in an interview with CNN, Ecclestone explained: "Somebody said to me, 'What happens when you go, what's going to happen?'. Christian walked past and I said: 'What about him? He is a good guy.'
"Firstly CVC would never agree and secondly Ferrari would have a say."
Ferrari's consent revolves around a detail that is written in the prospectus for the stalled flotation of Formula 1 on the Singapore stock exchange.
It reads: "We must obtain the written consent of Ferrari prior to the appointment of any person as our chief executive officer if, within the past five years, he or she has held a senior executive office or an ownership interest of five percent or more in any Team or automobile manufacturer which either owns more than a five percent interest in a Team or is a supplier of engines to a Team."
According to the prospectus, Ferrari President Luca di Montezemolo is a member of the sport's nomination committee, which has a duty to "review and recommend candidates for appointments to the Board".
And in a recent interview with RAI, the Italian described Ecclestone's suggestion of Horner taking over as another in a long string of "jokes".
He said: "Ecclestone sees Horner as his successor? As the years go by, he more and more enjoys making jokes and I'm happy he still has the desire to do so…"
Ecclestone is currently defending lawsuits surrounding the sale of Formula 1 to private equity firm CVC in 2006.