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
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.
The BBC reports a former banker has testified to receiving $44 million in bribes from Formula One CEO Bernie Ecclestone. Gerhard Gribkowsky, the former deputy chief of regional bank Bayern Landesbank, testified in exchanged for a reduced sentence in the case against him. Gribkowsky faced up to 15 years in prison on charges of corruption and abuse of trust. Prosecutors agreed to reduce his maximum penalty to nine years behind bars in exchange for his testimony. Gribkowsky was in charge of the sal
Bernie Ecclestone has controlled the commercial rights to Formula One for so long it seems like he always has and always will. But that's not exactly the full story. While Ecclestone was the first to negotiate for control over the sport's commercial aspects – namely its television broadcasting rights – there was a time when he had to relinquish control. And that time may come again soon.
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.