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.

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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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