NickHolt Posted January 18, 2014 Report Share Posted January 18, 2014 Ecclestone to resign F1 pending bribery trial by William Boston, Wall Street Journal BERLIN--Bernie Ecclestone, the flamboyant racing tycoon who built Formula One motor racing into a global franchise, has ceded all decision-making powers to the F1 management board pending the outcome of a trial in Germany on charges of bribery and fraud. Delta Topco, the holding company for the F1 group of companies, said in a statement that Mr. Ecclestone will continue to run F1's day-to-day business. But all power to approve contracts will rest with Donald Mackenzie, Chairman of the F1 board and a co-founder of CVC Capital Partners Ltd, which holds a stake of about 35% of F1. "Mr. Ecclestone has reassured the board that he is innocent of the charges and intends to vigorously defend the case," Delta Topco said in the statement. The announcement comes after German prosecutors said that Mr. Ecclestone will face trial in late April on charges of bribery in connection with the 2005 sale of a 47% stake in F1 to CVC. Link to comment Share on other sites More sharing options...
rebelracewriter Posted January 18, 2014 Report Share Posted January 18, 2014 very interesting..... Link to comment Share on other sites More sharing options...
AustinF1 Posted January 19, 2014 Report Share Posted January 19, 2014 yep...especially this part: Mr. Ecclestone will continue to run F1's day-to-day business. all power to approve contracts will rest with Donald Mackenzie, Chairman of the F1 board and a co-founder of CVC Capital Partners Ltd, which holds a stake of about 35% of F1. Link to comment Share on other sites More sharing options...
tps48 Posted July 29, 2014 Report Share Posted July 29, 2014 Did anyone else find it hilarious that in today's news they reported that Bernie has offered to pay 33 million to make the bribery charges go away? ...... Isn't that bribery??? Link to comment Share on other sites More sharing options...
NickHolt Posted July 30, 2014 Author Report Share Posted July 30, 2014 LOL at Mike! Link to comment Share on other sites More sharing options...
HiTech Posted July 30, 2014 Report Share Posted July 30, 2014 33 mil is just a tip ..he wont break a sweat over that .. Link to comment Share on other sites More sharing options...
AustinF1 Posted August 5, 2014 Report Share Posted August 5, 2014 Ecclestone pays $100M to end bribery trial: http://www.bbc.com/news/world-europe-28656050 Link to comment Share on other sites More sharing options...
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