24/06/2004
NEWS STORY
Michael Payne, the International Olympic Committee's (IOC) director of global broadcast and media, is to become Bernie Ecclestone's 'special advisor' following the forthcoming Olympic Games in Athens.
There has been speculation concerning the move for some time, with many predicting that it wouldn't happen.
Payne's job - he will effectively become Bernie's 'second in command' - will be to help realise the full commercial potential of Formula One.
Payne first became involved in The Olympics in 1983, first as an Olympic project director for ISL, then joining the IOC's marketing agency. He finally joined the IOC's payroll following the Seoul Games in 1988. He was appointed marketing director, and amongst other things, his role included broadcast and new media rights.
According to some sources, Payne felt he had done all he can with regards the Olympics and sought a fresh challenge, step forward Bernie Ecclestone who feels there is much more that can to done to establish F1 as one of the premier sports and indeed brands.
Although the F1 supremo is 73, he shows no sign of slowing down, far from it, and will remain very much 'hands on'.
Only last week, Payne tied up a deal with the European Broadcasting Union for television rights to the 2010 and 2012 Olympics. It's understood the deal is worth around $850m
Clever old Bernie.