Bernie Ecclestone Biography: Bernard Charles Ecclestone, born on October 28, 1930, in St Peter, South Elmham, Suffolk, England, is a prominent British business magnate, motorsport executive, and former racing driver, best known for his role in transforming Formula One (F1) into a global business empire. His work in motorsports has earned him the nickname “F1 Supremo”, and his influence on the sport, both on and off the track, is profound.
Bernie Ecclestone Biography 2024
Ecclestone grew up in Bexleyheath and left school at the age of 16. He began his professional career as a low-level worker at the local municipal utility. With a strong passion for motorcycles, he taught himself how to repair them. He later bought faulty machines, fixed them, and sold them for a profit. Using the skills he had acquired and his initial savings, Ecclestone became a partner with Fred Compton, who ran a motorcycle business. After Compton left in the early 1950s, Ecclestone turned the business into one of the largest suppliers of service and parts for foreign motorcycle brands in England in just a few years. During this time, Ecclestone also competed as a driver in the emerging Formula 1 series at Brands Hatch. However, he didn’t achieve success and was forced to retire from active racing after a serious accident.
Bernie Ecclestone Biography 2024 Details
| Born | Bernard Charles Ecclestone 28 October 1930 (age 94) St Peter South Elmham, Suffolk, England |
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| Occupations | - Business magnate
- motorsport executive
- racing driver
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| Years active | 1950–present |
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| Known for | Founder and CEO of the Formula One Group (1987–2017) |
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| Spouses | Ivy Bamford Slavica Radić Fabiana Flosi |
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| Children | 4, including Tamara and Petra |
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| Category | Lifestyle |
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Bernie Ecclestone Latest News
The story of “Bernie Ecclestone: The Interview” began with an extensive and critical profile titled Formula Bernie (Tobacco + TV + Tracks = $2 Billion), which I wrote for Atlas F1. I’m an American lawyer and Formula One journalist, practicing law in two places with strong ties to the sport: New York City and the U.S. Virgin Islands. The article, based on publicly available information, was sent to Bernie Ecclestone, and I requested a face-to-face interview to discuss the Y2K issues in Formula One. Bernie agreed to meet after the New Year at his office in London. When we met, we spoke for an hour and twenty minutes with no ground rules, no time constraints.
Arriving at the appointed time and location, I found his office to be tastefully modern and understated, situated in a prestigious area just off Hyde Park. Contrary to what one might expect from someone recently named Britain’s richest person, reportedly worth £2.4 billion, just ahead of Queen Elizabeth, there were no visible signs of wealth or power. No entourage, no gatekeepers, just a pleasant receptionist offering tea and a man outside washing Bernie’s Audi station wagon.
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About Bernie Ecclestone
Bernard Charles Ecclestone is a British business magnate, motorsport executive and former racing driver. Widely known in journalism as the F1 Supremo, Ecclestone founded the Formula One Group in 1987, controlling the commercial rights to Formula One until 2017.
- Born: 28 October 1930 (age 94 years), Saint Peter, South Elmham, United Kingdom
- Spouse: Fabiana Flosi (m. 2012), Slavica Ecclestone (m. 1985–2009)
- Children: Tamara Ecclestone, Petra Ecclestone, Ace Ecclestone, Deborah Ecclestone
- Net worth: 240 crores USD (2024) Forbes
- Height: 1.59 m
Early Life and Career Beginnings
Ecclestone grew up in Bexleyheath, London, where his family moved when he was young. After leaving school at 16, he took on a modest job as a low-level worker at the local municipal gasworks. While his formal education ended early, Ecclestone’s fascination with motorcycles played a pivotal role in his future career. He became self-taught in motorcycle repair, honing his mechanical skills by fixing and restoring motorcycles.
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Motorcycle Business and Entrepreneurial Journey
Using his newfound skills and some initial savings, Ecclestone purchased defective motorcycles, repaired them, and sold them for a profit. His expertise and savvy business sense allowed him to expand into a full-fledged motorcycle dealership. Ecclestone eventually partnered with Fred Compton, who was running a motorcycle business at the time. After Compton left the business in the early 1950s, Ecclestone took over and quickly grew it into one of the largest service and parts suppliers for foreign motorcycle brands in the UK. This venture marked the beginning of Ecclestone’s career as a successful businessman.
Formula 1 Involvement and Racing Career
Alongside his work in the motorcycle industry, Ecclestone’s passion for motorsport grew stronger. In the early 1950s, he took a step into the world of Formula 1 as a driver, competing in the Brands Hatch circuit. However, despite his enthusiasm, he didn’t achieve notable success in racing. His driving career was cut short due to a serious accident, after which he withdrew from active racing.
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Becoming a Manager
Even though Ecclestone’s own racing career didn’t take off, his love for the sport persisted. In 1957, as Formula 1 gained popularity — largely thanks to Juan Manuel Fangio winning his fifth F1 World Championship that year — Ecclestone shifted his focus to managing drivers. That year, he took on his first role as a manager for Stuart Lewis-Evans, an up-and-coming British driver. This move marked the beginning of Ecclestone’s long involvement in the sport, but this time from behind the scenes. His entry into driver management laid the foundation for his future success in Formula 1, where he would become a key figure not only in managing teams but also in transforming the financial structure of the sport, eventually leading to his control over its commercial rights.
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What is Bernie Ecclestone Net Worth?
Bernie Ecclestone, a British businessman, is currently worth $2.5 billion, making him roughly the 65th wealthiest individual in the UK. In the early 2010s, his net worth peaked at $4.2 billion, positioning him as the fourth-richest person in the country. However, his wealth has since declined, likely due to a significant divorce settlement with his ex-wife, Slavica Ecclestone, who reportedly received between $1 billion and $1.5 billion. Together, they have two daughters, Petra and Tamara, both prominent figures in the socialite, modeling, and business worlds.
Racing Career
Ecclestone’s motorsport journey began post-WWII when he traded motorcycle spare parts and later opened his own motorcycle dealership. He entered his first race in 1949, piloting a Formula Three car. Although his racing career showed promise, a series of accidents led to his retirement from professional driving. He then shifted focus, making savvy investments in real estate and loans, before becoming the manager of driver Stuart Lewis-Evans. After Lewis-Evans’ tragic death in 1958, Ecclestone retired from racing again. In the 1970s, he returned to motorsport, managing Jochen Rindt and partially owning the Lotus Formula 2 team. Sadly, Rindt also perished in a crash.
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Formula One Executive
Although he stepped away from driving, Ecclestone remained deeply involved in Formula One. In the 1970s, he formed the Formula One Constructors Association and was instrumental in securing TV deals and licensing agreements, which helped shape the commercial future of the sport. He also established the Concorde Agreement, which gave him control over TV rights in exchange for annual payments, marking his increasing dominance in Formula One. As an executive, Ecclestone focused on improving safety in the sport. Despite this, tragic accidents like the death of Ayrton Senna in 1994 shook the industry. In 1996, he founded SLEC Holdings to manage his Formula One-related ventures, which later became the Formula One Group.
Bribery and Tax Evasion
Ecclestone was accused of bribery during a 2012 trial involving a German bank executive. He was alleged to have offered $44 million to facilitate the sale of the bank’s Formula One stake. In 2014, Ecclestone avoided a trial by settling for £60 million. His legal troubles extended to tax evasion, with an investigation revealing he had evaded more than £1.2 billion in UK taxes over nine years. This resulted in a £10 million settlement. Ecclestone faced trial for allegedly concealing $650 million in a Singapore bank account to avoid paying taxes in the UK. He was accused of fraud for failing to disclose the trust associated with this account between 2013 and 2016.
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Real Estate
Ecclestone has also made notable real estate moves, including the 2004 sale of a property in London’s prestigious Kensington Palace Gardens for £57.1 million. Interestingly, he never even visited the property before selling it.
