David Campbell, the man seen as the potential successor to Bernie Ecclestone when he eventually stands down from his role as chief executive of Formula One, has stepped down from his position within the sport.

Former O2 Arena boss David Campbell had taken up the role of managing director of Allsport Management - the Geneva based company that handles trackside advertising and sponsorship, merchandising and corporate hospitality through F1's Paddock Club - when founder Patrick McNally announced he was to stand down from his role.

A number of people had predicted that Campbell - who took up his role in March last year - could eventually succeed Ecclestone.

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Allsport Management is under the control of CVC Capital Partners, the private equity firm that is currently the majority owner of F1.

While Campbell has refused to comment on his departure after less than twelve months in the role, an insider from CVC told The Independent it had been a decision agreed by both parties.

"It didn't really work out," the source revealed. "Bernie wanted to take the business in a different way, and that wasn't the basis on which we hired David. His departure was by mutual agreement."