“All I know is, I am innocent.”
Force India has lashed out at F1′s owner CVC, accusing the private equity firm of not being interested in developing the sport.
The financial news agency Bloomberg quoted deputy team boss Bob Fernley as saying new deals that give more money and power to the bigger teams are a “disaster”. “CVC is not interested in developing the sport, it’s interested in making as much money as possible and then selling it,” he said.
Owner CVC looks set to proceed with the floatation of formula one later this year, according to F1 business journalist Christian Sylt.
Late last year, Sylt said CVC had decided to continue to delay the planned Singapore floatation until at least 2014. But in a new report for the Telegraph, he quotes a ‘senior source’ as saying CVC is now eyeing October, when it hopes the European financial crisis and the Gribkowsky corruption affair in Germany will be resolved.
Bernie Ecclestone has admitted his bosses at F1 owners CVC would probably oust him if he is pursued by German prosecutors.
With convicted bribe recipient and ex F1 banker Gerhard Gribkowsky already in jail, it is reported F1′s 82-year-old chief executive could be next in the firing line. Last month, German reports said “detailed preparations” were being made to potentially replace Briton Ecclestone, if prosecutors decide “as expected” to charge him.
One of the unnamed sources said the new CVC agreement will benefit the FIA to the tune of about $25 million.
The FIA is close to completing a successful push for a bigger slice of F1′s financial pie, according to a report by the expert financial source Bloomberg. Citing ‘two people familiar with the situation’, the media report said the now Jean Todt-led Paris federation is set to boost its coffers to about $40 million per year.
A company has filed a $650 million lawsuit against formula one.
Bluewaters Communications Holdings claims it was the high bidder to buy the sport in 2005. It is claimed CVC, F1′s current owner, was the lower but successful bidder because of F1 chief executive Ecclestone’s alleged bribes to the now-jailed former banker Gerhard Gribkowsky.
F1′s plans to float on the stock exchange look set to sit idle on the grid for some time.
Writing in the Telegraph, business journalist Christian Sylt said the sport’s owner CVC has now delayed the listing at least until 2014. Sylt said the reasons for the delay are market turmoil but also F1 chief executive Bernie Ecclestone’s legal troubles surrounding the Gerhard Gribkowsky corruption affair.
Bernie Ecclestone is certain F1 cars will not be powered by electricity in the pitlanes of 2014.
Actually, the electric-only idea is already enshrined in the incoming new turbo V6 rules. F1′s chief executive admitted in India at the weekend that he has given up on trying to stop the V6s from being introduced in 2014.
Ecclestone said he is not planning to step down
Bernie Ecclestone has confirmed reports that BayernLB – claiming the damages amid the Gerhard Gribkowsky bribery scandal – has asked him to pay $400 million. “I did not respond,” the F1 chief executive, speaking in India, is quoted by the Financial Times.
The German bank BayernLB wants Bernie Ecclestone to repay US $400 million, the Suddeutsche Zeitung newspaper reports on Thursday.
The bank claims that is the amount it lost due to its sale of formula one shares some years ago to the sport’s current owner CVC, with the transaction having been subsequently called into question over the Gerhard Gribkowsky corruption scandal.
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