As of 2024, Bernie Ecclestone, the former CEO of Formula One, has an estimated net worth of $2.5 billion, positioning him among the wealthiest individuals in the UK. Ecclestone’s fortune peaked at $4.2 billion in the early 2010s, but it has since decreased, partly due to a significant divorce settlement with his ex-wife, Slavica Ecclestone, a former model.
Slavica reportedly received between $1 billion and $1.5 billion from the settlement.
Together, they have two daughters, Petra and Tamara Ecclestone, both of whom have found fame as businesswomen, models, and socialites.
Ecclestone is best known for his role in Formula One, where he transformed the sport into a global business empire.
Though he no longer holds the official position, he continues to hold the commercial rights to Formula One, making him the de facto “boss” of the sport.
Additionally, Ecclestone once owned the British football club Queens Park Rangers from 2007 to 2011.
Early Life and Career
Born on October 28, 1930, in Suffolk, England, Bernard Charles Ecclestone was raised in a family of modest means, with his father being a fisherman.
Ecclestone moved to London during his youth and witnessed the bombings of World War II. At the age of 16, he left school and worked in a chemical laboratory before studying chemistry at the University of Woolwich.
His passion for motorsports began in the late 1940s, when he started selling motorcycle parts and later opened his own motorcycle dealership.
His racing career began in 1949 with Formula Three, but a series of accidents led to his retirement from driving.
He subsequently shifted his focus to managing drivers, including Stuart Lewis-Evans, whose tragic death in 1958 caused Ecclestone to retire from racing once more.
However, his involvement in the sport deepened in the 1970s when he began managing the career of Jochen Rindt and later invested in the Lotus Formula 2 team.
Ecclestone purchased the Brabham racing team in 1971 for £100,000, propelling it to prominence with innovative designs and engineering.
Formula One Executive
Ecclestone’s most significant achievements came outside of direct racing when he focused on the commercial side of Formula One.
In the 1970s, he established the Formula One Constructors Association and played a pivotal role in securing lucrative television and licensing deals.
His creation of the Concorde Agreement in 1981 guaranteed teams a share of the television revenue, solidifying his grip on the sport’s finances.
In the 1990s, Ecclestone took full control of Formula One’s commercial rights. He sold a portion of his stake in the company but retained substantial influence over the operations.
In 2005, his stake in the company was sold to CVC Capital Partners, though he continued to control Formula One’s day-to-day affairs.
However, in 2017, Liberty Media took over Formula One, officially ending Ecclestone’s reign as “F1 Supremo.”
Controversies and Legal Issues
Ecclestone has frequently attracted attention for his controversial remarks and legal troubles.
In 2009, he made headlines for praising Adolf Hitler, a comment that was widely condemned.
He also faced bribery accusations during a 2012 trial, where he was accused of offering a German banker a bribe to dispose of the lender’s stake in Formula One. In 2014, Ecclestone settled the matter by paying £60 million.
In 2023, Ecclestone faced trial in London for allegedly hiding $650 million in a Singapore bank account to evade taxes.
This resulted in further scrutiny of his financial dealings, though he was able to resolve this with a £10 million settlement.
Real Estate and Lifestyle
Bernie Ecclestone has invested heavily in real estate, and in 2004, he sold a mansion in London’s Kensington Palace Gardens for a record £57.1 million.
Despite his wealth, Ecclestone has remained a private figure, avoiding the limelight except for his business dealings and controversies.
Today, despite stepping down from his role at Formula One, Ecclestone remains a significant figure in the world of motorsports and luxury, with his fortune largely tied to the commercial rights of the sport he helped to build into a global powerhouse.
