Serious Fraud Office and the Concorde Agreement
Discussion
It seems ITV News have this evening revealed that they have a copy of the 2013-2020 Concorde Agreement, it's now in the hands of the Serious Fraud Office...
http://www.itv.com/news/2017-04-27/serious-fraud-o...
http://www.itv.com/news/2017-04-27/revealed-the-5m...
The prize money stuff has been assumed knowledge for some time but interesting to know hard evidence of it is now out there.
Interesting times, but it's hard to see how the usual characters will do anything but weasel out of it as usual.
http://www.itv.com/news/2017-04-27/serious-fraud-o...
http://www.itv.com/news/2017-04-27/revealed-the-5m...
The prize money stuff has been assumed knowledge for some time but interesting to know hard evidence of it is now out there.
Interesting times, but it's hard to see how the usual characters will do anything but weasel out of it as usual.
Edited by ukaskew on Friday 28th April 00:35
ukaskew said:
It seems ITV News have this evening revealed that they have a copy of the 2013-2020 Concorde Agreement, it's now in the hands of the Serious Fraud Office...
[url]http://www.itv.com/news/2017-04-27/serious-fraud-office-asked-to-investigate-formula-one-over-5m-deal/[/b]
http://www.itv.com/news/2017-04-27/revealed-the-5m...
The prize money stuff has been assumed knowledge for some time but interesting to know hard evidence of it is now out there.
Interesting times, but it's hard to see how the usual characters will do anything but weasel out of it as usual.
Those at the top hardly ever get what's should be coming to them. It is a fact of life.[url]http://www.itv.com/news/2017-04-27/serious-fraud-office-asked-to-investigate-formula-one-over-5m-deal/[/b]
http://www.itv.com/news/2017-04-27/revealed-the-5m...
The prize money stuff has been assumed knowledge for some time but interesting to know hard evidence of it is now out there.
Interesting times, but it's hard to see how the usual characters will do anything but weasel out of it as usual.
On the other hand, this might change the way F1 is run, and for the better.
I doubt the SFO office is worried about whether it is fair or not, just if it breaks the law. There have been a number of commentators who suggested is was unlawful at the time of the agreement.
So who gets fined? The FIA? CVC? the teams?
Vocal Minority said:
sandman77 said:
Could this be Bernie? He likened his job to being given a gun but no bullets but then said he could afford to buy the bullets himself.
Then using the bullets to shoot himself in the foot?probably trying to destroy F1, the buy whats left back again...
rubystone said:
Isn't this just a rehash of an old Sylt story? I'm assuming we all know where his information comes from?
A thought has just occurred to me. Might the information, i.e. a copy of the agreement being given to ITN, help Liberty? I'm not suggesting they supplied it of course although from my knowledge it would not be an offence.They can't be happy taking over a business with such an agreement in place.
Derek Smith said:
rubystone said:
Isn't this just a rehash of an old Sylt story? I'm assuming we all know where his information comes from?
A thought has just occurred to me. Might the information, i.e. a copy of the agreement being given to ITN, help Liberty? I'm not suggesting they supplied it of course although from my knowledge it would not be an offence.They can't be happy taking over a business with such an agreement in place.
I wonder if our mates Max and Todt will be called on in relation to this matter? ........
Likes Fast Cars said:
One does wonder.
I wonder if our mates Max and Todt will be called on in relation to this matter? ........
Max was long gone by the time this deal came around.I wonder if our mates Max and Todt will be called on in relation to this matter? ........
Todt will weasel out of it, the man has done bugger all since getting the presidency yet remains in post.
This won't change anything - if SFO do decide that there was wrong doing, FIA will cough up a fine, FOM will have to do the same, which will either get swallowed by LM so as not to cause a fuss/more press or they'll just sue CVC...
Crafty_ said:
Max was long gone by the time this deal came around.
Todt will weasel out of it, the man has done bugger all since getting the presidency yet remains in post.
This won't change anything - if SFO do decide that there was wrong doing, FIA will cough up a fine, FOM will have to do the same, which will either get swallowed by LM so as not to cause a fuss/more press or they'll just sue CVC...
That's a bit harsh on Todt. For one thing, he's not done anything wrong, which is a massive improvement. Further, he seems to be supporting lower formulae, no some one could accuse his predecessor of.Todt will weasel out of it, the man has done bugger all since getting the presidency yet remains in post.
This won't change anything - if SFO do decide that there was wrong doing, FIA will cough up a fine, FOM will have to do the same, which will either get swallowed by LM so as not to cause a fuss/more press or they'll just sue CVC...
The FIA has had its income cut, and quite dramatically. It gets little from F1, certainly considerably less than before.
If only Mosley had done bugger all.
So what is the FIA's role in the Concord Agreement? Has it much input? Has it much authority? To have control it must be able to punish in some way, and would the Concord Agreement come into the rules and regs? If not, then what can it do? I suppose the better way of putting it is what should they have done.
The Concorde Agreement is a commercial agreement. It doesn't explain rules or regulations. The main aim of the document is to set out competitors obligations (basic ones: must compete in all rounds, must field two cars") and explain the distribution (or not..) of monies to teams.
I don't think that the FIA have any influence on it at all, least not officially.
I would suspect that the FIA are referenced - i.e. "Teams will compete in the series in accordance with the rules and governance of the FIA" sort of thing.
I find it a little interesting that the FIA and a potentially dodgy payment is mentioned in it at all to be honest,
I don't think that the FIA have any influence on it at all, least not officially.
I would suspect that the FIA are referenced - i.e. "Teams will compete in the series in accordance with the rules and governance of the FIA" sort of thing.
I find it a little interesting that the FIA and a potentially dodgy payment is mentioned in it at all to be honest,
Crafty_ said:
The Concorde Agreement is a commercial agreement. It doesn't explain rules or regulations. The main aim of the document is to set out competitors obligations (basic ones: must compete in all rounds, must field two cars") and explain the distribution (or not..) of monies to teams.
I don't think that the FIA have any influence on it at all, least not officially.
I would suspect that the FIA are referenced - i.e. "Teams will compete in the series in accordance with the rules and governance of the FIA" sort of thing.
I find it a little interesting that the FIA and a potentially dodgy payment is mentioned in it at all to be honest,
Thanks for that.I don't think that the FIA have any influence on it at all, least not officially.
I would suspect that the FIA are referenced - i.e. "Teams will compete in the series in accordance with the rules and governance of the FIA" sort of thing.
I find it a little interesting that the FIA and a potentially dodgy payment is mentioned in it at all to be honest,
I've been doing a bit of reading on this matter.
If you look at what is in the ITN link then there's the suggestion, well, a bit firmer than that, that the FIA got a lump sum of nearly £4m for their participation and allowed to buy shares in F1 at "a tiny fraction of the market value" at £0.35m despite it being worth, according to the reports linked to, £54m at today's exchange rate, but pre brexit would have been about £43m.
You can perhaps see why there are some concerns although no possible reasons for this bounty have been revealed.
So it is possible that I was wrong and the FIA, which one wold assume includes Todt, is in the frame.
From what I remember, this merely puts the FIA's income from F1 back where it was (ish, no accurate details that I could find) when it suddenly stopped under Mosley. Mind you, there were criticisms by the EU of certain circumstances in those days as well.
If you look at what is in the ITN link then there's the suggestion, well, a bit firmer than that, that the FIA got a lump sum of nearly £4m for their participation and allowed to buy shares in F1 at "a tiny fraction of the market value" at £0.35m despite it being worth, according to the reports linked to, £54m at today's exchange rate, but pre brexit would have been about £43m.
You can perhaps see why there are some concerns although no possible reasons for this bounty have been revealed.
So it is possible that I was wrong and the FIA, which one wold assume includes Todt, is in the frame.
From what I remember, this merely puts the FIA's income from F1 back where it was (ish, no accurate details that I could find) when it suddenly stopped under Mosley. Mind you, there were criticisms by the EU of certain circumstances in those days as well.
skeggysteve said:
rubystone said:
Isn't this just a rehash of an old Sylt story? I'm assuming we all know where his information comes from?
Exactly what I thought when watching the news.However it is ironic given Bernies appearance at Sochi and the high profile appearance of Putin there. Not a glimmer of a suggestion about corrupt regimes in Russia etc from the same parties.
Lynchie999 said:
Vocal Minority said:
sandman77 said:
Could this be Bernie? He likened his job to being given a gun but no bullets but then said he could afford to buy the bullets himself.
Then using the bullets to shoot himself in the foot?probably trying to destroy F1, the buy whats left back again...
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