Does new F1 chairman spell the beginning of the end of Ecclestone's control?

A report in the Financial Times tonight suggests that F1 is lining up a new chairman, Paul Walsh and that that this could signal the beginning of the end of Bernie Ecclestone's control of the sport he has run for over 30 years.

Walsh, formerly CEO of drinks firm Diageo, which has sponsorship deals with McLaren and with F1 Management via its Johnnie Walker brand, met Ecclestone and CVC boss Donald Mackenzie at the season-ending Abu Dhabi Grand Prix and has been lined up by Mackenzie to replace current chairman Peter Brabeck, of Nestle, who is to step down.

According to the FT, "Mr Ecclestone's position as chief executive is not under immediate threat. But one person said if Mr Walsh is chosen to become a more hands-on F1 chairman, that could see Mr Ecclestone's role as chief executive marginalised."

Clearly much will depend on the chemistry between the two men once Walsh (above) takes up his position.

"Donald said there was a possibility of him [Mr Walsh] being in the chair in the event that Peter decided to stand down," Ecclestone told the FT today. "I wouldn't have a problem with that [Walsh taking on some executive duties] If it was something positive, I'd be delighted."

CVC controls 35% of F1 and is in the driving seat in terms of next moves for the sport. Mackenzie stood by Ecclestone through this year's bribery trial in Munich, having earlier said in another court case last year that if the F1 tycoon was found to have done anything wrong or illegal he would be replaced. The Munich case ended when the charges were dropped by the prosecutor in exchange for Ecclestone paying the court US$100 million.

Ecclestone stepped down from the F1 board prior to the Munich trial.

The FT believes that Mackenzie is reviving plans to float F1 on the Stock Market and is in the process of organising the business in readiness to move towards that goal.

"Advisers to CVC have previously told the private equity group Mr Ecclestone's controversial leadership is an obstacle to its long-intended plan to float F1," says the FT's Roger Blitz.