F1 not chasing youth: Bernie Ecclestone

The top administrator said today's kids can't afford luxuries as they are busy in social networking.

By: Reuters | London | Updated: November 18, 2014 9:55:06 am
‘The youth cannot afford luxury watches, and is more interested in social media,’ said Ecclestone. (Source: AP) ‘The youth cannot afford luxury watches, and is more interested in social media,’ said Ecclestone. (Source: AP)

Formula One would rather cater for rich over-70s than chase a younger generation that cannot afford luxury watches and is more interested in social media, says Bernie Ecclestone.

In a wide-ranging interview with Campaign Asia-Pacific magazine (campaignasia.com), the 84-year-old Briton said teenagers were uninterested in the sort of high end global sponsors his series was promoting.

“Young kids will see the Rolex (watch) brand but are they going to go and buy one? They can’t afford it. Or our other sponsor UBS — these kids don’t care about banking. They haven’t got enough money to put in the bloody banks anyway,” he said.

“Why do they want to do that? Is it to sell them something? Most of these kids haven’t got any money. I’d rather get to the 70-year-old guy who’s got plenty of cash. “So, there’s no point trying to reach these kids because they won’t buy any of the products here and if marketers are aiming at this audience, they maybe they should advertise with Disney.”

Ecclestone was also dismissive of efforts to widen Formula One’s demographic, with all the teams now employing social media specialists to raise their presence at a time when some television audiences are declining. Many drivers, not just those who made their debuts as teenagers but also the older ones, are also avid users of Twitter and other social platforms.

Caterham IS back

The Caterham Formula One team will race in next week’s Abu Dhabi season-ender despite still falling short of a targeted 2.35 million pounds ($3.7 million) to get them there, an administrator said.

A tally on crowdfunding website http://www.crowdcube.com showed the team, who have missed the last two races, had raised 1.87 million, or 79 percent of the target sum, with nine hours remaining.

Administrator Finbarr O’Connell, representing Smith & Williamson, said the team would be going anyway.

“We now head to Abu Dhabi ready to show what a hard-working and positive group of people this is and to hopefully secure a future for the team,” he said.

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