London: Formula One would rather cater for rich over-70s than chase a younger generation that cannot afford luxury watches and is more interested in social media, according to commercial supremo Bernie Ecclestone.

In an interview, the 84-year-old Briton said teenagers were uninterested in the sort of high end global sponsors his series was promoting.

“Young kids will see the Rolex (watch) brand, but are they going to go and buy one? They can’t afford it. Or our other sponsor UBS — these kids don’t care about banking. They haven’t got enough money to put in the bloody banks anyway. That’s what I think,” he said.

“I don’t know why people want to get to the so-called ‘young generation’. Why do they want to do that?

“Is it to sell them something? Most of these kids haven’t got any money. I’d rather get to the 70-year-old guy who’s got plenty of cash.”

(Reuters)