On Thursday, Carey claimed Ecclestone’s failure to develop and implement a long-term vision had left the sport behind its major rivals.
“There are an array of things that weren’t done that needed to be done,” Carey told the Press Association in an interview that marked his 100th day in his new role.
“We felt it was a sport that for the last five or six years had really not been managed to its full potential or taken advantage of what was here.”
Ecclestone wasted no time in refuting Carey’s suggestions, instead defending his term as Chief Executive of the sport.
“The only reason I have ever said no to anything is (if) I thought it wasn’t a very good thing to do or it didn’t produce any income,” Ecclestone said on Friday.
Eccelstone ran the sport for over four decades (Getty)
“This business about a short-term focus is the only thing that I am a little bit envious that Chase has got and I never had.
“I was running the company as a chief executive to make profits and make the value of the company worth a lot more because the major shareholder, CVC Capital Partners, wanted to sell.
“I had to make sure we could get the maximum financially we could for the company to make it interesting for somebody to buy which is obviously what happened.”
Ecclestone was also accused of Carey of running the sport in a ‘divide and conquer’ fashion.
“Bernie’s style was divide and conquer – to keep everything very close – but we want it to be a spirit of partnership in that we compete on the track,” the American businessman commented.
But Ecclestone described the claim as “nonsense”.
Carey is not a fan of Ecclestone’s management style (Getty)
He added: “As for this nonsense about divide and conquer. There was a story a long, long time ago that I used to…