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Bernie Ecclestone Back In Formula One Driving Seat

Bernie Ecclestone Back In Formula One Driving Seat

18.12.2014 23:10

Chief executive of Formula One, Bernie Ecclestone has rejoined the board which runs the commercial side of the motor sport. He stood down ahead of a bribery trial in Germany, which cost him $100 million to settle. The 84-year-old Ecclestone was confirmed as chief executive and member of the board in a statement released by Formula One's controlling shareholder, CVC Capital Partners on Thursday. Former Ferrari chairman Luca Di Montezemolo has also returned to the board of Formula One as a non-executive director, together with former Diageo chief executive Paul Walsh. Walsh had been rumored to be CVC's choice for chairman of the board with executive duties for Formula One. But objections from Ecclestone appear to have led Walsh to withdraw his name as a candidate for the top job. Bribery case Ecclestone stood down as a board member earlier this year when he stood trial on bribery charges in Germany. Ecclestone had been accused of channeling money to jailed BayernLB banker Gerhard Gribkow

Chief executive of Formula One, Bernie Ecclestone has rejoined the board which runs the commercial side of the motor sport. He stood down ahead of a bribery trial in Germany, which cost him $100 million to settle.



The 84-year-old Ecclestone was confirmed as chief executive and member of the board in a statement released by Formula One's controlling shareholder, CVC Capital Partners on Thursday. Former Ferrari chairman Luca Di Montezemolo has also returned to the board of Formula One as a non-executive director, together with former Diageo chief executive Paul Walsh.



Walsh had been rumored to be CVC's choice for chairman of the board with executive duties for Formula One. But objections from Ecclestone appear to have led Walsh to withdraw his name as a candidate for the top job.



Bribery case



Ecclestone stood down as a board member earlier this year when he stood trial on bribery charges in Germany. Ecclestone had been accused of channeling money to jailed BayernLB banker Gerhard Gribkowsky to facilitate the sale of a major stake in Formula One to private equity fund CVC, now the largest shareholder in the business.



Ecclestone paid $100m (81 million euros) in August under the terms of a settlement agreement with prosecutors to end the bribery trial in Munich. The agreement meant Ecclestone remained innocent of the charge and avoided a lengthy trial. He had one week to pay the money: $99 million to the state and $1 million to a children's charity.



In his Christmas card, a copy of which reached the Reuters news agency, Ecclestone is seen in cartoon form handing over a bag of money to a masked highwayman pointing a pistol at him. The highwayman is seen to say: "This is not a robbery. I am collecting for the Bavarian state." Inside the card: "Maybe now we can have a Formula One race in the really nice city of Munich, Germany."



Strategy group



Ecclestone has led the sport for more than thirty years. At a Strategy Group meeting of the major teams on Thursday, he was reported to be proposing that Formula One return to normally aspirated engines after this year's change from V8 to V6 engines, which had cost the teams three times as much to develop. But no announcement of any decision by the group, which includes Ferrari, McLaren, Mercedes, Red Bull, Williams and Force India, has been made.



The costs of producing engines and cars which can compete on the Grand Prix circuit have become a challenge for a number of smaller teams such as Marussia and Caterham this year. Other teams, including Lotus, are calling for a bigger share of the revenues generated by the sport to help them survive.



jm/rc (Reuters, AP, AFP)







 
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