Ecclestone lightening up on F1 shares.. already

©WRI2

40

Ousted F1 CEO Bernie Ecclestone has already started the process of selling a portion of his holdings in the company which just took over the sport.

Regulatory filings reveal that Ecclestone, F1's new Chairman emeritus, will offer up to 950,599 shares, or $39.9M worth based on Liberty Media's closing price yesterday of $29.42.

Six other managers have also filed to sell shares, including former F1 board member Sir Martin Sorrell, who is elling $1.9M of his stock.

Where there are sellers, there are buyers, but unfortunately the teams do not yet figure in the latter group.

Liberty initially offered team owners the opportunity to buy $1.1B worth of shares, a proposition the teams declined. The company has since reduced the offering to $400M but to no avail as the teams appear to be taking a 'wait and see' approach.

Liberty has apparently set a June deadline for Formula 1's teams to decide whether they would like to take advantage of the offer.

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.