To the casual observer, it would seem at least likely that F1 is owned by the FIA. It is, after all, known as the FIA Formula One World Championship. But in actuality, as far as the commercial rights are concerned, the sport is effectively owned by an intricate web of investment companies. But now the FIA has taken back at least a small part of it.
Bernie Ecclestone has officially stepped down from his position on the board of directors of the Formula One empire, following an announcement that he faces a trial in a German court for bribery. According to a report from Autoweek, Ecclestone will retain his day-to-day responsibilities within F1.
It's come out that Bernie Ecclestone, the chief executive of Formula One, paid three team principals - Eddie Jordan, Alain Prost and the late Tom Walkinshaw - $10 million each to sign the 1998 Concorde Agreement. Concorde being a commercial rights agreement that governs the split of monies generated by the sport between the FIA, the teams and the Formula One Administration. This is yet another blow in Ecclestone's on-going trial over bribery charges to a German banker, although the English billi
Controversial Formula One boss Bernie Ecclestone is facing bribery charges from German prosecutors. The long-rumored indictments stem from the 2006 sale of the racing series from Germany's Bayern LB bank to CVC Capital partners. The charge could result in Ecclestone facing jail time and losing his iron grip on the F1 series.
Formula One CEO Bernie Ecclestone should expect Germany to file charges against the executive over his alleged bribery of former banker Gerhard Gribkowsky. That's according to Autoweek, which notes Gribkowsky oversaw the sale of BayernLB's stake in the racing series back in 2006 to CVC Capital Partners, which now holds F1's controlling interest.
It may be a while before Bernie Ecclestone is successful in his plans to float Formula One on the Singapore Stock Exchange, but that doesn't mean that he and his employers at CVC Capital Partners can't begin selling off chunks of their business.
It is exceptionally rare for Bernie Ecclestone to be shown the yellow flag when it comes to his Formula One business dealings, but that's what happened with two of his projects. A month ago, Ecclestone agreed to terms with France's sports minister David Douillet to reinstate the French Grand Prix at the Paul Ricard circuit (which Ecclestone happens to own). The contract hadn't been signed while minor details were settled, but the plan was that the French GP would alternate with the Belgian GP st
Formula One has many homes: the Formula One Management company that controls its commercial aspects is based in London, the FIA that governs its sporting aspects is based in Paris, and you'd certainly have a point to make if you asserted its spiritual home was in Monaco. But none of these places are where its stakeholders are looking to float its Initial Public Offering. No, that place is Singapore.
CVC. To those familiar with the commercial side of things, those letters are synonymous with Formula One. But they weren't always, and they may not be forever. In fact, it is almost assured that the day will come when CVC Capital Partners will sell its majority stake in the premier racing series. The only question is to whom.
Formula One boss Bernie Ecclestone may find himself in legal trouble in Germany over allegations that he bribed a bank official $50 million. According to Yahoo Sports' European arm, prosecutors are currently gathering evidence against the F1 honcho.
It takes two to tango, and apparently Bernie Ecclestone is in no rush to lace up his dancing shoes. The F1 chief reportedly insists that, despite rumors of Rupert Murdoch and Carlos Slim joining forces to buy it out, the international motor racing series is not, in fact, for sale. CVC Capital, the holding company that owns the rights and to whom Ecclestone reports, receives substantial, multi-million-dollar annual dividends from F1, and so may be in no rush to divest.
You've probably heard the old saying that the best way to make a small fortune in Formula One racing is to start with a big fortune. The Telegraph in the UK is reporting that Rupert Murdoch's News Corp. may be looking to put that saying to the test, as the media empire is reportedly engaged in early talks to take over the popular global racing series. The talks reportedly also include Sauber sponsor Carlos Slim, who happens to be among the richest men in the world, and companies connected to at
There are ways to make friends, and ways to make enemies. Telling several members of your party they're unwelcome is a sure way to the latter, but then, Bernie Ecclestone has never shied away from controversy. In his latest statement, the Formula One chief has indicated that the field should be cut down from its current grid of 13 teams to just 10.
Bernie Ecclestone didn't get to be a billionaire by waiting for things to come his way. With the threat of a breakaway series seemingly very real once again, the man credited with making Formula 1 what it today is has apparently decided to make sure he is on it. F1 Live reports that last month, Ecclestone filed trademark application papers for Formula Grand Prix, Formula GP, and GP3, in addition to applying to protect his GP1 and GP1 Series logos.