Ecclestone rules out setting up rival series

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Formula 1's former CEO Bernie Ecclestone has dismissed speculation that he could set up a rival series to Formula One.

Ecclestone, who was ousted as CEO last Monday, insists that he would never undermine the existing championship, an event he guided and built up over several decades.

"I have built the championship over the last near 50 years, which is something I am proud of, and the last thing I want is to see it damaged," he told Reuters' Alan Baldwin.

Ecclestone said he was confident that fans worldwide appreciated that Formula One's new owner, Liberty Media, intended to put money back into the sport.

Bernie Ecclestone's statement to Reuters:

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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.