Ecclestone trial date set
Discussion
Link:
http://news.sky.com/story/1195834/f1-boss-ecclesto...
Ecclestone has said a number of time that he would have to step aside if charged.
He has continued to say that he was confident that charges would not result.
This is a bit of a game-changer and the flotation of the Rights will be affected by this.
http://news.sky.com/story/1195834/f1-boss-ecclesto...
Ecclestone has said a number of time that he would have to step aside if charged.
He has continued to say that he was confident that charges would not result.
This is a bit of a game-changer and the flotation of the Rights will be affected by this.
I've long sensed that F1 is moving towards a major game-changing shift of some sort. Not just one thing but many and I think this may well be the accelerative factor in all that. Whether for the good or worse remains to be seen.
Regardless of any views on BE, I think that since his 'removal' from the frontline via CVC, the sport as not really evolved to where it could have.
Regardless of any views on BE, I think that since his 'removal' from the frontline via CVC, the sport as not really evolved to where it could have.
Joe Saward's view: http://joesaward.wordpress.com/2014/01/16/now-it-b...
Bernie Ecclestone has finally been indicted on corruption charges and will have to stand trial in Germany. Ecclestone was presented with a bill of indictment last summer and was asked to respond to the accusations. The court in Bavaria has now decided to go ahead with the trial. It remains to be seen whether the owners of the Formula One group are willing to accept Ecclestone remaining in his current role. It would be unusual in the corporate world for that to happen, but F1 clearly is not like other businesses and CVC Capital Partners may be worried that the sport will descend into chaos without Ecclestone at the helm. On the other hand they may see this as an opportunity to get Ecclestone to stand aside – perhaps on a temporary basis – and put someone else in charge. This might help the form move towards an IPO as quickly as possible. Much would depend on who CVC had in mind to run the business and whether that person would inspire confidence in the investment world and within the sport itself. We will have to see CVC’s reaction. This may be inevitable because some of the firms that are involved on F1 may not be allowed to do business with people who have been indicted because of corporate regulations, which would mean Ecclestone has to go.
Bernie Ecclestone has finally been indicted on corruption charges and will have to stand trial in Germany. Ecclestone was presented with a bill of indictment last summer and was asked to respond to the accusations. The court in Bavaria has now decided to go ahead with the trial. It remains to be seen whether the owners of the Formula One group are willing to accept Ecclestone remaining in his current role. It would be unusual in the corporate world for that to happen, but F1 clearly is not like other businesses and CVC Capital Partners may be worried that the sport will descend into chaos without Ecclestone at the helm. On the other hand they may see this as an opportunity to get Ecclestone to stand aside – perhaps on a temporary basis – and put someone else in charge. This might help the form move towards an IPO as quickly as possible. Much would depend on who CVC had in mind to run the business and whether that person would inspire confidence in the investment world and within the sport itself. We will have to see CVC’s reaction. This may be inevitable because some of the firms that are involved on F1 may not be allowed to do business with people who have been indicted because of corporate regulations, which would mean Ecclestone has to go.
http://www.bbc.com/sport/0/formula1/25762411
Beeb said:
However Ecclestone, 83, will continue to run the business on a day-to-day basis, Delta Topco said in a statement.
Edited by AndrewEH1 on Thursday 16th January 14:06
AndrewEH1 said:
http://www.bbc.com/sport/0/formula1/25762411
[quote]However Ecclestone, 83, will continue to run the business on a day-to-day basis, Delta Topco said in a statement.
[quote]However Ecclestone, 83, will continue to run the business on a day-to-day basis, Delta Topco said in a statement.
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