Ecclestone would rather tap rich 70-year-olds in F1 than chase poor 'young generation'

Formula One chief Bernie Ecclestone believes that the motor-racing sport would rather cater for rich 70-year-olds than chase a younger generation that cannot afford luxury watches and is more interested in social media.

The 84-year-old Briton has revealed that teenagers were uninterested in the sort of high-end global sponsors his series was promoting.

Ecclestone said that young kids would see the Rolex watch brand but questioned whether they are going to buy one or not. He added that they cannot afford it, or their other sponsor UBS, these kids don't care about banking, Stuff.co.nz reported.

He said that the young kids haven't got enough money to put in the bloody banks anyway, and added that he doesn't know why people want to get to the so-called 'young generation'.

Ecclestone said that he would rather get to the 70-year-old guy who's got plenty of cash.

So, the Formula one boss said that there's no point trying to reach these kids because they won't buy any of the products there and if marketers are aiming at this audience, they maybe they should advertise with Disney.