Beginning in the 1970s, Bernie Ecclestone rearranged the management of Formula One's commercial rights; he is widely credited with transforming the sport into the multibillion-dollar business it now is. When Ecclestone bought the Brabham team during 1971, he gained a seat on the Formula One Constructors' Association and during 1978 he became its president. Previously, the circuit owners controlled the income of the teams and negotiated with each individually; however, Ecclestone persuaded the teams to "hunt as a pack" through FOCA. He offered Formula One to circuit owners as a package, which they could take or leave. In return for the package, almost all that was required was to surrender trackside advertising.