In short
The episode traces how Bernie Ecclestone and NASCAR’s founders built their sports, then explains why F1’s early U.S. attempts repeatedly failed—until F1’s business model and TV/sponsorship strategy made it a credible challenger to NASCAR.
Guest backgrounds
No podcast guests are interviewed in this transcript. It’s narrated by David Brown, with mentions of historical figures (Bernie Ecclestone, Bill France Sr., Bill France Jr., Jochen Rindt, Colin Chapman, Max Mosley, Jean-Marie Balestre, Enzo Ferrari, Alain Prost, Ayrton Senna, Cale Yarborough, Donnie Allison, Richard Petty, Daryl Waltrip).
Key claims
F1’s U.S. struggles stem from market fit and culture, not just car speed; Ecclestone gained control by leveraging teams as a “choke point” and by reshaping F1’s TV deal and sponsorship (including tobacco). NASCAR won by aligning with American blue-collar identity and securing cable/TV coverage (e.g., ESPN).
Notable examples
2005 Indianapolis Michelin tire withdrawal; 1979 Daytona 500 live CBS debut; 1938 Daytona beach stock-car origins (Bill France Sr.); 1972 NASCAR leadership shift to TV; 1980 Spanish GP FISA boycott; 1990 Phoenix low F1 attendance vs ostrich festival; Watkins Glen, Long Beach, Las Vegas, Dallas, Detroit F1 relaunch failures.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Strange Race at Indianapolis
0:22 to 4:50
Discover the shocking events of the 2005 United States Grand Prix.
“Race day at Indianapolis Motor Speedway.”
NASCAR's Dominance in America
5:20 to 6:56
Explore the longstanding popularity of NASCAR in the U.S. and its competition.
“From Audible Originals, I'm David Brown, and this is Business Wars.”
The Birth of NASCAR
6:56 to 14:42
Learn about the origins of NASCAR and its founding by Bill France Sr.
“It's a still night on the back roads of rural North Carolina in the late 1930s.”
Evolution of NASCAR
14:42 to 16:42
Discover how NASCAR transformed through strategic moves and sponsorships.
“They think they're building a cooperative.”
The Historic Daytona 500
16:42 to 19:23
Explore the dramatic moments of the 1979 Daytona 500 that captivated America.
“takes the next big step in the sport's evolution, television.”
Bernie Eccleston's Rise
21:49 to 24:57
Follow Bernie Eccleston's journey in Formula One amidst tragedy and ambition.
“Start your Audible subscription in the Audible app.”
The Business of Racing
24:57 to 28:00
Learn how Bernie Eccleston identifies and capitalizes on racing's business potential.
“Eighteen months later, March 1972, it's evening at the Ranch Hotel near Johannesburg, just outside the circuit, hosting the South African Grand Prix.”
Eccleston Takes Control
28:00 to 30:10
Learn how Bernie Eccleston transformed Formula One into a commercial powerhouse.
“The other team owners see Formula One as a racing championship.”
Safety and Authority in F1
30:10 to 32:06
Discover Eccleston's push for safety standards and his growing power in F1.
“But Eccleston isn't all about the money.”
Conflict with FISA
32:06 to 34:55
Explore the escalating tensions between Eccleston and FISA's Jean-Marie Balestre.
“a narrow corridor leads to a small office.”
Show all 17 chapters
Stalemate in Formula One
34:55 to 36:50
Understand the delicate balance and potential chaos in F1 politics.
“Most circuits still recognize FISA's authority.”
The Concord Agreement
36:50 to 39:10
Learn about the landmark Concord Agreement between FISA and the British teams.
“On one side of the table sits visa president Jean-Marie Ballestre.”
Television and Global Expansion
39:10 to 42:03
Discover how Eccleston harnessed television to take F1 global.
“With the business now under his control, Eccleston moves quickly to exploit what he believes is the sport's greatest untapped asset, television.”
The Struggles of Formula One in America
42:03 to 44:26
Understand the challenges Formula One faced in gaining traction in the U.S.
“By 1990, Formula One commands a worldwide television viewership of more than 1.2 billion people.”
NASCAR's Rise in Popularity
44:26 to 46:42
Explore how NASCAR captured the hearts of American audiences and sponsors.
“After the spectacle of the 1979 Daytona 500 electrified TV audiences, NASCAR's popularity goes into overdrive.”
Cultural Differences Between F1 and NASCAR
46:42 to 48:24
Learn about the cultural contrasts that impact the appeal of F1 and NASCAR.
“It's March 1990 in downtown Phoenix, Arizona, and Formula One is attempting yet another American reboot.”
Tobacco Sponsorship Threats to F1
48:24 to 48:34
Discover the potential financial impact of tobacco sponsorship bans on Formula One.
“Formula One is facing a bigger threat than American apathy.”
Transcript
Automatic transcript. May contain errors.0:00Audible subscribers can listen to all episodes of Business Wars ad-free right now. Join Audible today by downloading the Audible app.
0:22It's June 19, 2005. Race day at Indianapolis Motor Speedway. Inside a plush motorhome in the paddock, Formula One supremo Bernie Eccleston sits in a leather chair, watching a television mounted on the wall. Outside, more than 100 ,000 fans packed the grandstands for the United States Grand Prix. The cars circle the circuit on their formation or warm-up lap. The atmosphere is electric. But Eccleston knows something the fans don't. This race is about to become one of the strangest spectacles in motorsport history. For the last three days, Formula One has been in chaos. Emergency meetings, heated arguments, last-minute negotiations behind closed doors, all over a single component.
1:16Tires. Teams running on Michelins discovered something terrifying during practice. The high-speed final corner is simply too much for the tires to handle. Cars returned to the pits with the rubber shredded after just a few laps. One driver even crashed into the wall. And when they race today, every car will take that corner more than 70 times at speeds of 200 miles an hour. A blowout wouldn't just end a driver's race. It could end their life. But despite the risk, F1 officials have refused to install extra curves to slow the cars at the crucial turn. They reasoned that doing so would penalize the teams that don't use Michelin.
2:02So the track is staying the same. Eccleston leans forward in his seat as the cars approach the end of the formation lap. Twenty cars sweep toward the final corner. Then, one car peels off into the pit lane. Another follows, and another, and another. In total, fourteen cars drive into the pits. Mechanics roll them straight into the garages. Every team using Michelin tires has withdrawn from the race. Out in the grandstands, a dawning realization spreads through the crowd like a shockwave. Cheers turn to booze. Some fans hurl drinks and programs towards the track. Others simply stand there in stunned disbelief.
2:52The starting lights flicker above the grid. Just six cars remain, sitting alone on the vast strait of the Indianapolis Motor Speedway. The starting lights go out, and the race is on. The smallest grid in Formula One history charges toward the first turn. Eccleston watches his screen for another moment. Then, he shrugs. The race has started, so he won't have to pay out for a cancellation. He stands, straightens his jacket, and walks out of the motorhome. The boos from the grandstand echo across the paddock as he heads for a waiting car. In a few minutes, he'll be on his private jet. Formula One has stumbled in America before.
3:42But to Eccleston, this feels different. Like the final straw. For years, he's fought to crack the U.S. market. But America already has its racing king, NASCAR. With packed speedways every weekend, celebrity drivers and massive television audiences, NASCAR owns American Motorsport. Formula One may be the world's most popular racing series, but in the U.S., it's always been the outsider looking in.
4:17As his car pulls away from the speedway, Eccleston makes a decision. He's done chasing America. Formula One doesn't need it. NASCAR can have it. But Eccleston's decision won't be the final word. Formula One will try again. And when it does, it won't just challenge NASCAR. It will threaten everything NASCAR has built.
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5:24From Audible Originals, I'm David Brown, and this is Business Wars.
5:52On any given Sunday, millions of fans tune in to see which driver will take the checkered flag in America's favorite motorsport, NASCAR. For decades, it's been the undisputed king of the track. Loud V8 engines, packed ovals, drivers trading paint at 200 miles an hour. But outside the United States, another racing series reigns supreme. Formula One. It's glamorous, high-tech, wildly popular around the world. Yet while the rest of the globe thrills to Grand Prix, the U.S. has long seemed immune to its appeal. Until now. Boosted by a hit Netflix show, Formula One is exploding in popularity, selling out races in Austin, Miami, and Las Vegas.
6:41Its drivers are now as recognizable as their NASCAR peers. But how did F1 change gears and finally start challenging NASCAR's dominance? To understand, we need to go back to where this battle all began. Back to a time when racing wasn't about glory or fame, but about survival. This is Episode 1, Start Your Engines.
7:14It's a still night on the back roads of rural North Carolina in the late 1930s. A lone Ford V8 barrels through the darkness, its suspension rattling over rutted dirt and loose gravel. The trunk and back seat are packed tight with bottles of liquor. Prohibition ended nationally in 1933, but across the South, hundreds of counties remain dry, which means there are still plenty of thirsty customers ready to pay for alcohol smuggled across county lines. Suddenly, lights flare in the rearview mirror. A sedan surges out of the gloom, its engine howling as it closes the gap. The bootlegger has no doubt who's inside.
7:55Federal agents. And they're not here to play nice. A muzzle flash bursts from one of the windows, and a gunshot echoes through the night. The bullet tears into the dust behind the Ford. The bootlegger floors the gas pedal and the Ford's engine roars as the car lunges into the next bend. The driver wrenches the wheel through a tight turn, tires spitting gravel into the ditch. The feds try to follow. They're outmatched. The bootlegger knows every blind corner, every ditch, every hidden turnoff along these rural roads. Behind him, the headlights begin to fade. Then suddenly, the bootlegger veers off the road and pulls into a weathered wooden garage.
8:42A man steps out of the shadows and slams the heavy doors shut. Seconds later, the feds roar past, chasing a ghost down that empty road. It's another clean getaway. Across the dry counties of the south, scenes like this one are routine. But the bootleggers' high-speed driving is becoming more than just a way to evade the law. At night, they smuggle alcohol. But during the day, they gather on remote farms, dusty fields, even on coastal beaches. And they race. The tracks are rough. The rules are loose. The crowds are growing. And among the spectators is a young mechanic from Florida who thinks he might be a pretty good driver himself.
9:28Bill France Sr.
9:36It's September 5th, 1938, and morning light spills across the wide, hard-packed sand of Daytona Beach, Florida. 29-year-old Bill France Sr., a broad-shouldered mechanic known around town as Big Bill, stands beside a low dune with a hammer in his hand. With three powerful blows, he drives a wooden stake deep into the sand, then nails a warning sign to the top. Beware, rattlesnakes. France steps back, wipes the sweat from his brow, and looks down the long stretch of beach road. He spent all morning placing these signs along the dunes that separate the road from the beach. But there are no rattlesnakes here.
10:20France has organized a stock car race on the beach this afternoon, and he doesn't want any freeloaders taking shortcuts over the dunes to avoid the 50-cent admission fee. By midday, paying spectators crowd along the sand, eager to watch battered coops and sedans roar up the beach and thunder back along the adjacent highway. Today's prize is worth chasing. $240 in cash, plus a case of beer, a bottle of rum, a case of motor oil, and a box of cigars. Even France himself is competing for the purse.
11:01When the race ends, he crosses the line in second place, just behind a gun-toting bootlegger named Smokey Purser. But instead of pulling in to celebrate, Purser speeds away, shouting that he'll be back later to collect his winnings. France watches him go, suspicion creeping in. Modifications to cars are strictly forbidden, and Purser's sudden exit looks a lot like a man trying to hide something under the hood. So, France strips Purser of the victory and declares himself the winner. Protests erupt from the other drivers who claim the whole thing's a fix. To calm things down, France quickly rules himself out too and awards the win and prize to the third-placed driver.
11:50But France is still the day's biggest winner. His race has drawn 5 ,000 paying fans. When he counts the cash later that night, France has cleared nearly$2 ,000, which is over$45 ,000 in today's money. Along the way, he's learned something important. There's money to be made in stock car racing.
12:21Nine years later, December 14, 1947, at the Streamline Hotel in Daytona Beach. Cigarette smoke curls beneath the ceiling of the hotel's top-floor cocktail lounge. The room is packed with stock car racing pioneers, champion drivers, car owners, mechanics with grease under their fingernails. At the center of it all stands France, who is now one of stock car racing's leading promoters. He calls the meeting to order. Fellas, what we've got right now ain't a sport. It's a mess. A few men nod. France sweeps a hand across the room. Promoters skipping out on prize money. Drivers getting cheated. Every track making up its own rules.
13:10A driver near the front raises his hand. Hell, that's racing, Bill. Always has been. Bad eggs don't last long. We run them out of town. France shakes his head. We shouldn't have to. We got the drivers, we got the cars, and we got the fans. Ordinary working folks who love this kind of racing. What we don't have is somebody running it right. Someone near the back of the room calls out. Hey, what about the American Automobile Association? A triple A? All they care about is the Indianapolis 500. To them, we're just a bunch of hillbillies racing junkyard cars. No, we don't need those uptight northerners.
13:49We need our own association. One set of rules, guaranteed purses, a real championship. You really think we can pull that off ourselves? Well, all we can do is try. Let's break into groups. Drivers over here, owners at that table, mechanics, y 'all go by the bar. Let's figure out what it'll take to make this thing work. The conversations stretch on for three long days. Rules are debated, schedules argued, prize guarantees hammered out. But slowly, something new begins to take shape. the National Association for Stock Car Auto Racing, NASCAR. But while most of the men in the room are focused on when and where races will run, France is focused on securing control of the new organization.
14:42The others barely notice. They think they're building a cooperative. But France knows better. and by the time anyone realizes they've handed the future of stock car racing to one man, it's already too late to stop him.
15:01France may be an autocrat, but he's also a visionary. When the first NASCAR-sanctioned race takes place on Daytona Beach two months later, it's still a rough-and-ready affair. Around 14 ,000 fans line the beach to watch battered coops thunder along the 2.2-mile sand and highway course. But France is imagining something far bigger. Throughout the 50s and 60s, he moves NASCAR away from improvised venues and toward purpose-built speedways. Grandstands hold tens of thousands of fans, and steep banking allows cars to reach breathtaking speeds. Teams become slick professional operations, with full-time drivers supported by mechanics and pit crews.
15:50To attract big-money sponsors, NASCAR also needs respectability. So France buries its bootlegging past. And in 1971, he strikes a groundbreaking deal with tobacco giant R.J. Reynolds. Its Winston cigarette brand becomes NASCAR's biggest sponsor, injecting millions of dollars into the sport. More companies follow, all eager to get their brands in front of race fans. Every race car becomes a moving billboard. Sponsor money is plowed back into the sport, modernizing tracks, building comfortable facilities to increase its appeal to middle-class fans. And that, in turn, attracts even more sponsors.
16:35In 1972, France hands leadership of NASCAR to his son, Bill France Jr. Almost immediately, France Jr. takes the next big step in the sport's evolution, television. He strikes deals with ABC and CBS to broadcast some NASCAR races nationwide. ABC only shows the start and end of races, and CBS doesn't air them live. But the broadcasts do introduce millions more Americans to the sport. And in 1978, CBS signs a deal to broadcast entire races live.
17:16It's February 18, 1979, at Daytona International Speedway in Florida. And for the first time ever, a NASCAR race is being broadcast live across the nation. In the Northeast, a massive snowstorm has blanketed much of New England and New York. Millions of Americans are stuck inside flipping through the channels, and an estimated 15 million households land on CBS's coverage of the Daytona 500. For many viewers, it's their first taste of NASCAR, and it's a spectacular introduction. As the final lap begins, the cameras track a tight battle at the front. Donnie Allison leads. Cale Yarborough follows.
17:59Engines scream down the long back straight at nearly 200 miles an hour. Neither driver is willing to lift. The cars drift closer, and then they collide. Cale hits him. He slides. Donnie Allison slides. Think it again. They drive into the turret. They're hitting the wall. They're head on the wall. They slide down to the inside. Let's watch those third-place cars. They're out of it. Who is going to win it? As the two leaders spin onto the grass, the rest of the field blasts past in a blur of noise and speed. At the front of that charging pack is Richard Petty. Those watching at home are now on the edge of their seats as Petty storms over the line with Daryl Waltrip practically glued to his rear bumper.
18:45But the drama isn't over. Back on the track, Allison and Yarborough are out of their wrecked cars and trading blows. And there's a fight between Cale Yarborough and Donny Allison. The tempers overflowing. They're angry. They know they have lost. And what a bitter defeat. For millions of snowbound Americans watching at home, this is their first real look at NASCAR. It's messy, dramatic, raw, and full of unfiltered emotion. And long before the age of social media, it becomes the perfect viral moment. But across the Atlantic, the drama at the Daytona 500 barely registers. Because while stock car racing is conquering the United States, another racing empire is taking shape overseas.
19:36Its name is Formula One. And the man behind its rise is every bit as cunning as Bill France Sr.
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22:07It's September 5th, 1970, and the qualifying race is underway for the Formula One Italian Grand Prix at Monza. Standing in the paddock, 39-year-old Bernie Eccleston reads his newspaper. He's a self-made man who made a fortune selling used cars. Now, at this time, he's not head of Formula One, far from it. But he's using his wealth to indulge his love of fast cars by carving out a place in Formula One as a business advisor who helps guide drivers' careers. All morning, the circuit has been alive with the screams of cars running flat out as drivers chase the fastest qualifying time. But as Eccleston flips the page, he pauses and looks up from his newspaper.
22:55Something feels wrong. Takes him a moment to realize what it is. The engines have stopped. The track has fallen eerily silent, which can mean only one thing. An accident. Someone nearby mentions the driver who's crashed is Jochen Rindt, the Austrian driver who's on the brink of becoming world champion. Eccleston doesn't wait for details. He pushes past officials, slips through a police cordon, and sprints onto the track, his heart hammering as he runs. Eccleston is Rint's business advisor, and in quiet moments between the races, the two have talked about starting their own team. When Eccleston reaches the crash site, his heart sinks.
23:39An ambulance is already pulling away, lights flashing. What's left of Rint's shattered race car sits on the grass. The front half has been obliterated by the fence. Marshalls stand nearby in stunned silence. Then, Eccleston notices something lying in the grass. Rint's helmet. He bends down and picks it up, the smooth white shell smeared with blood. A race official catches Eccleston's eye and slowly shakes his head. No announcement will come until the race is finished, but the message is clear. Wren is gone. Death is never far away in Formula One. In just 20 years, more than 30 drivers have lost their lives.
24:28Still, the loss of his friend leaves Eccleston reeling. He walks slowly back to the pits, the blood-stained helmet still in his hands. The memory of this day will stay with Bernie Eccleston forever. Remember, Eccleston and Rant had a vision for the future of Formula One. But he won't let that dream die with his friend.
24:57Eighteen months later, March 1972, it's evening at the Ranch Hotel near Johannesburg, just outside the circuit, hosting the South African Grand Prix. Inside a small meeting room, the bosses from Britain's Formula One teams crowd around a long table cluttered with ashtrays and teacups. At the head sits Colin Chapman of Lotus, talking animatedly between puffs of his cigarette. A few seats down, slightly apart from the rest, is Eccleston. He rises quietly and circles the table, pouring tea. Several men nod their thanks without even looking up. To them, Eccleston is just the used car dealer who recently bought the Brabham Racing Team, a newcomer who still needs to earn his place.
25:46When Formula One began in the 1950s, it was dominated by continental Europe's great car manufacturers, Alfa Romeo, Ferrari, Maserati, Mercedes-Benz. But in the 1960s, small British outfits like Lotus and Brabham began winning championships with just a fraction of those manufacturers' budgets. The British may be brilliant engineers, building fast cars in cramped workshops, but they are terrible businessmen, spending every season teetering on the brink of bankruptcy. Eccleston listens as the complaints pile up from the other team owners. Promoters slow to pay up, bad contracts, travel costs swallowing their meager prize money.
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26:33Finally, he clears his throat. You all negotiate separately with the race promoters? Chapman shrugs. Of course we do. And you accept whatever they offer? It doesn't seem like we have much choice. Eccleston sets the teapot down. That's bad business. The room falls silent. You lot build brilliant cars, best engineers in the world. But financially, you're amateurs. We're not bankers, Bernie. We're racers. Exactly, and that's the problem. You negotiate alone. Promoters play you off against each other. Half of you are practically paying to race. Chapman exhales a stream of smoke. So, what's your solution?
27:18We form a cartel. Negotiate as one. A promoter deals with all of us or none of us. The team owners exchange puzzle looks. Chapman waves his hand dismissively. Ah, sounds like a lot of paperwork and endless meetings. Maybe, but I don't mind doing it. Really, I don't mind. You handle the racing. I'll handle the business. Chapman raises an eyebrow. What's your price? Four percent commission. Four? That all? Yeah. Four percent seems fair. Chapman glances around the room. Most of the team bosses are already nodding. Well, frankly, I thought you'd ask for 10 % All right, Bernie You got the job The team owners relax Relieved to hand over a tedious business chore To them, it feels like a minor administrative decision But Eccleston knows the truth Without realizing it They've just put him in the driver's seat What's happening here isn't about racing, folks It's about bargaining power.
28:31The other team owners see Formula One as a racing championship. They're obsessed with beating each other on the track. It never occurs to them to work together, which means the race promoters can easily play them off against each other. But to Eccleston, Formula One is something else. It's an underexploited commercial opportunity. He understands why these teams are living on the breadline, And he knows that if they act together, they'll control the sport and the money. After becoming chief negotiator for the British teams, Eccleston begins facing down the promoters who organize each Grand Prix.
29:11When promoters try playing hardball, Eccleston threatens to pull the British teams from their race. The promoters cave. They depend on the British teams to bring the fastest cars and the biggest stars. without teams like Lotus, McLaren, and Williams. There will be no crowds to sell tickets to. See, Eccleston doesn't own the cars, the tracks, or the sport itself. Think about that. He controls access to what everyone needs, the teams. That's the choke point. See, once you identify where value has to pass through, you don't need to own everything, just the gateway. In his first full year in the role, Eccleston pressures race organizers to quadruple prize funds to more than$100 ,000 per race.
30:04By 1978, he'll be forcing promoters to pay more than$360 ,000 in prize money to host a Grand Prix, almost 20 times what they paid a decade earlier. But Eccleston isn't all about the money. Mindful of the tragic death of his friend, Jochen Rint, he pushes hard for stronger safety standards across the sport, especially better medical provisions at tracks. Circuits that drag their feet on safety improvements encounter a familiar threat. The British teams won't race. Bit by bit, Eccleston shifts control of Formula One away from traditional organizers and toward the teams he represents. But not everyone welcomes his growing authority.
30:54As boss of the Formula One Constructors Association, Eccleston represents the British teams, but the continental European teams stand outside the cartel. And none resents the British power grab more than Ferrari. Its iconic red race cars have competed in every Formula One season since the championship began in 1950. and its aging founder, Enzo Ferrari, views Eccleston as an interloper in his domain. Then there's the motorsport governing body, FISA, led by the autocratic Frenchman Jean-Marie Balestre. Balestre sees himself as the ultimate authority in Formula One. He distrusts the independence-seeking British teams and he despises Eccleston's growing influence.
31:42And he and Eccleston are about to plunge Formula One into civil war.
31:54It's May 1980. A heat wave shimmers above the asphalt at Jaramas Circuit just outside of Madrid, ahead of the Spanish Grand Prix. Inside the circuit's administrative building, a narrow corridor leads to a small office. The door swings open, and Eccleston steps inside. Behind him walks Max Mosley, boss of the F1 team, March. Mosley has become Eccleston's closest ally inside the Formula One Constructors Association. They make an unlikely partnership. Eccleston is the son of a trawler man, hardened by a tough working-class childhood in London's East End. Mosley comes from the opposite end of the social scale.
32:37He's the son of Oswald Mosley, the controversial former member of parliament who founded the British Union of Fascists in the 1930s. Whatever baggage his family name might carry, Mosley is a barrister with a sharp legal mind. And that's exactly what Eccleston needs right now. Across the room sits Jean-Marie Balestre, the imposing president of FISA. A confrontation has been building between them all week. Before the race weekend even began, FISA fined several drivers from the British teams for failing to attend mandatory briefings. To Balestre, it was a routine disciplinary measure. To Eccleston, it was a display of political muscle.
33:23Eccleston threatens a British boycott. For years, this tactic has worked. When Eccleston threatens to withdraw the British teams, circuits usually fold within hours. But Balestre is not a race promoter, and he does not fold. The discussion escalates quickly into raised voices and angry gestures. Each man believes he is defending the future of Formula One. Then, Mosley snaps. He lunges forward and shoves the heavy desk. It crashes sideways, scattering Balestre's carefully arranged files across the floor. Papers drift through the air like confetti. The following day, Spanish police show up at the circuit.
34:08Eccleston controls the rights to hold the Spanish Grand Prix here. He's also friends with the King of Spain, so, at Eccleston's urging, the police escort Balestre and the FISA delegation from the venue. At gunpoint, the race goes ahead, but it's no ordinary Grand Prix. Ferrari, Alfa Romeo, and Renault side with Balestre and refuse to race. FISA declares the event unofficial. The results will not count toward the world championship. Over the following months, Formula One spins toward chaos. Sponsors threaten to withdraw their money unless order is restored. The British teams begin planning a breakaway Formula One series independent of FISA.
34:55Yet Balestre remains confident. Most circuits still recognize FISA's authority. Ferrari and the other major European teams stand firmly behind him. Against that, Eccleston's alliance of British teams looks isolated and vulnerable to collapse. But Eccleston and Mosley aren't finished. After the Spanish Grand Prix, they quietly travel to Athens, Greece, where Balestre is gone for a meeting. At his hotel, they pay a member of staff for copies of every telex that Balestre sends during his stay. Those messages reveal Balestre's strategy. He's attempting to break the British alliance. One message hints that FISA will amend Formula One's technical regulations in a way that would benefit Lotus.
35:47But only if Lotus boss Colin Chapman defects to Balestre's side. Eccleston realizes if Chapman takes the proposed deal, the fragile unity of the British teams could collapse. Within days, he talks with Chapman and convinces him he's being played. Chapman reassures Eccleston of his loyalty. The struggle for control of F1 settles into a tense stalemate. On one side stand Eccleston and the British teams. They control most of the competitive cars on the grid. On the other side stands Balestre and Fisa. They have the backing of the continental European teams and most of the promoters and circuits that host the races.
36:30Neither side can destroy the other without destroying the sport itself. But if a compromise isn't found and soon, the outcome could be just as dangerous. Because if no one backs down, Formula One itself could be finished.
36:58The End
37:22tense breakfast. On one side of the table sits visa president Jean-Marie Ballestre. Across from him sits Bernie Eccleston, the shrewd leader of the British teams in the Formula One Constructors Association. After months of boycotts, canceled races, corporate espionage, and threats, there's finally been a breakthrough. Enzo Ferrari, exhausted by the endless conflict, has helped push the rivals back to the negotiating table. Now, an agreement lies before them. Under its terms, FISA retains authority over the sporting and technical rules of Formula One. It will oversee the regulations governing the cars, the drivers, and everything that happens on the track.
38:06But the business side of the sport is going elsewhere. The Constructors' Alliance, led by Eccleston, will control negotiations with race circuits, promoters, sponsors, and broadcasters. As the breakfast plates are cleared, Eccleston and Balestre each sign the document. Balestre rises first, extending his hand across the table. Eccleston takes it. Balestre beams, savoring the moment. Then he asks Eccleston for one final favor. He wants the text they've just signed to be known as the Concord Agreement, after the name of FISA's headquarters. Eccleston nods. If Balestre wants to spend the deal as a victory for the governing body, so be it.
38:53Because Eccleston knows that the balance of power has really tilted in his favor. Balestre may control the rulebook, but from this moment forward, Eccleston controls the money. And with it, the future of Formula One. With the business now under his control, Eccleston moves quickly to exploit what he believes is the sport's greatest untapped asset, television. He begins negotiating with Europe's broadcasters, offering them live, uninterrupted coverage of entire races. But there's one crucial condition. Television networks can't cherry-pick the most glamorous events. If they want Formula One, they have to broadcast every race, from the jewel of the season, the Monaco Grand Prix, to lesser-known stops like the Swedish Grand Prix.
39:50Broadcasters aren't thrilled about this. Each race runs for close to two hours, far longer than the highlight packages most networks prefer. They doubt that full races will hold viewers' attention. So, Eccleston slashes the price. His goal isn't immediate revenue. It's reach. Every televised race means millions of people watching cars circle the track for nearly two hours. It's an uninterrupted advertising platform. With Formula One on TV, sponsors won't just pay to be seen by fans sitting in grandstands. Their logos will streak across screens for 90 minutes or more, week after week. For a cut price fee estimated at just over$2 million, the European networks strike a three-year deal to show Formula One in its entirety.
40:44And once the TV airtime is guaranteed, the sponsor money follows. What Eccleston understands is that attention compounds. He deliberately underprices his product because the real money doesn't come from the first deal. It comes from what that exposure unlocks next. Sponsorship. The extra exposure is especially good for tobacco companies. Cigarette advertising is increasingly banned from television, but thanks to Formula One, brands like Marlboro and Camel can get on TV by plastering their logos across the cars, driver's suits, and trackside banners. With more money flowing in, teams can afford to race across the world.
41:32In 1985, they transport their cars to Australia for its inaugural Grand Prix. The following year, they go behind the Iron Curtain for the Hungarian Grand Prix. With Formula One booming, Eccleston sells the Brabham racing team so he can focus on running the sport as a whole. He paid almost a quarter of a million dollars for Brabham in 1971. In 1988, he sells it for$9 million. The increase in value is no surprise. By 1990, Formula One commands a worldwide television viewership of more than 1.2 billion people. But few of those viewers are in the United States. For all its global success, Formula One keeps spinning its wheels there.
42:22It's not for a lack of trying. There's been at least one Grand Prix held in the U.S. every year since 1959. For two decades, the United States Grand Prix took place at Watkins Glen in upstate New York. But over the years, the Speedway has become one of the least favorite stops on the F1 calendar. Drivers complained about the circuit's aging, bumpy surface. Teams grumbled about cramped, outdated pit facilities. Security was lax. In 1974, rowdy spectators even stole a Greyhound bus and set it on fire near the track. Eccleston demanded upgrades to bring Watkins Glen up to modern F1 standards. But the improvements proved costly.
43:04And in 1981, the promoter behind the race went bankrupt. Its replacements fared little better. A temporary street circuit in Long Beach, California is a bust. The tight street layout produces awkward racing and the event struggles to make money. In Las Vegas, drivers race around the parking lot of Caesars Palace, but the flat, featureless circuit and searing desert heat produce sparse crowds and little enthusiasm. In Dallas, the brutal summer heat melts the track, and the race lasts just a single season. The Detroit Grand Prix run through the downtown street survives longer until the crumbling road surface and inadequate pit facilities cause its downfall as well.
43:49Again and again, Formula One relaunches in America with fresh ambition. And every time, it stalls. There's a lesson here, and FISA's learned it the hard way. Scale doesn't guarantee fit. Every market has its own culture, expectations, emotional hooks. Ignore those, and any product can come across as a losing proposition. If you want to win in a new market, it pays to understand that market inside and out. Because it's not racing that Americans find unappealing. Just look at what's happening with NASCAR. After the spectacle of the 1979 Daytona 500 electrified TV audiences, NASCAR's popularity goes into overdrive.
44:38Broadcasters that once ignored stock car racing suddenly want a piece of the action. In 1981, the fledgling cable network ESPN signs a deal to make NASCAR a cornerstone of its schedule. Week after week, its races air opposite Sunday afternoon NFL broadcasts. The effect is transformative. Once confined to largely southern states, NASCAR spreads across the country. New tracks appear far beyond the traditional strongholds of Florida, Alabama, and the Carolinas. California's Sonoma Raceway is added to the schedule. And in 1986, NASCAR makes Watkins Glen, the former home of the F1 Grand Prix, a regular stop.
45:24Sponsors love NASCAR, too. Its fans are fiercely loyal, not just to the drivers, but to the brands that back them. Soon, the tobacco and oil company logos on the cars are joined by brands like Folgers Instant Coffee and Tide Detergent. By 1990, NASCAR races are drawing massive crowds, television audiences to match, and their drivers are national celebrities. You know, it's hard not to sense a cultural difference at work here. Formula One carries an unmistakably old-world vibe, scarlet Ferraris gliding through Monte Carlo Harbor as luxury yachts bob nearby. It's aspirational, glamorous, refined.
46:07NASCAR? NASCAR feels different. It's rooted in blue-collar America culture, loud, gritty, proudly unpolished. And that contrast is visible in the cars themselves. Formula One feels sleek, purpose-built machines costing millions of dollars each. NASCAR's racers begin life as versions of the sedans sitting on dealership lots across the country. To many Americans, the choice feels obvious. Formula One looks distant and aristocratic. NASCAR? NASCAR feels like home.
46:50It's March 1990 in downtown Phoenix, Arizona, and Formula One is attempting yet another American reboot. Bright sunlight glints off glass towers and fakes the temporary street circuit laid out between them. The championship's biggest stars are here, including defending world champion Alain Prost and his great rival Ayrton Senna. The idea is simple. Running Formula One through downtown Phoenix will spark Arizonans' curiosity. But the empty seats lining the sidewalks tell a different story. Barely 15 ,000 spectators have shown up. On the track, Senna drives his car through the tight corners with surgical precision, eventually claiming victory.
47:34But the cheers that greet him are scattered and muted. What makes the moment even worse is what's happening just a few miles away. On the outskirts of Phoenix, 75 ,000 people are watching a very different race at the Chandler Ostrich Festival. Crowds roar as the long-legged birds thunder down a dirt track, riders clinging on as feathers fly and dust rises into the air. The world's most sophisticated motorsport has just lost out to an ostrich race, one that's drawn five times as many spectators. For Eccleston, the message is unmistakable. If Formula One is ever going to succeed in the U.S., fast cars and famous drivers won't be enough, but he doesn't have time to dwell on it.
48:26Formula One is facing a bigger threat than American apathy. Its biggest income stream is in danger. European governments are out to ban tobacco companies from sponsoring F1. And if Eccleston can't find a way to stop them, Formula One could lose the majority of its sponsorship money overnight.
49:00episodes of Business Wars ad-free by joining Audible. From Audible Originals, this is Episode 1 of F1 vs. NASCAR for Business Wars. A quick note about the recreations you've been hearing. In most cases, we can't know exactly what was said, those scenes are dramatizations, but they're based on research. And if you'd like to read more, we recommend The Formula by Joshua Robinson and Jonathan Also, No Angel by Tom Bauer and the 200 miles per hour billboard by Mark Yost. If you'd like to hear more about the high stakes drama of F1, you can check out the audiobook version of The Formula right now on Audible.
49:40I'm your host, David Brown. Scott Reeves of Yellow Ant wrote this story. Our senior producers are Jenny Bloom and Emily Frost. Our producer is Tristan Donovan of Yellow Ant. Karen Lowe is our producer emeritus. Our managing producer is Desi Blaylock. Research by Marina Watson. Fact-checking by Gabrielle Drolet. Sound design by Joshua Morales. Kyle Randall is our lead sound designer. Executive producer for Audible, Jenny Lauer-Beckman. Head of creative development at Audible, Kate Navin. Head of Audible Originals North America, Marshall Louis. Chief content officer, Rachel Giazza. Copyright 2026 by Audible Originals, LLC.
50:14Sound recording copyright 2026 by Audible Originals, LLC.
50:24Thank you.
From the publisher
When moonshine runners turn stock car racers, Bill France creates NASCAR and turns it into America’s top motorsport. Meanwhile, in Europe, another canny operator – Bernie Ecclestone – is fighting to bend Formula One to his will.
If you’d like to hear more about the high-stakes drama of F1, we recommend the audiobook version of The Formula. You can listen right now on Audible.
https://www.audible.com/pd/The-Formula-Audiobook/B0C834FDPB?srsltid=AfmBOopWNQLsloHzpZvxk0E1_mHodmgMgrcJUH-ue6AHQHwnX86ov_TZ
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