Tag Archive: Bloomberg

Oct 08

Ferrari may need yet another new president after 2018

Ferrari could be looking for yet another new president in a few years time.

2014-09-29 - Scuderia Ferrari Club - Caprino Bergamasco - Luca di Montezemolo (1) Sergio Marchionne, also the Fiat-Chrysler chief, is officially taking over from Ferrari’s Luca di Montezemolo next Monday. Read the rest of this entry »

May 25

Fernandes not responding to Caterham sale reports

Tony Fernandes is not responding to reports he plans to sell Caterham.

2014-01-26 - Caterham F1 Team - Tony Fernandes 01 Ten days ago, we reported paddock rumours that the backmarker team, which may be behind in its engine and gearbox payments to suppliers Renault and Red Bull, could be losing the support of its founder. Read the rest of this entry »

May 13

Witness backs bribery claims in Ecclestone trial

Bernie Ecclestone’s bribery trial appeared to turn a darker corner on Tuesday.

Last week in Munich, the F1 chief executive’s fate appeared brighter, when the man whom Ecclestone allegedly bribed did not seem to clearly back the prosecutors’ claims. Read the rest of this entry »

Apr 23

Prospects ‘not good’ as Ecclestone trial begins

Bernie Ecclestone’s bribery trial begins on Thursday.

Formula 1 Circuit in Sochi - Bernier Ecclestone 2 It could be the final lap in a long and lucrative career for the 83-year-old Briton, as two courts have already found that he did indeed bribe the already-jailed former F1 banker Gerhard Gribkowsky. Read the rest of this entry »

Apr 10

Paid F1 ‘app’ to debut in June – Ecclestone

Bernie Ecclestone has agreed to race formula one into the digital age.

2012-06-07_0277 Early this week, Ferrari boss Stefano Domenicali urged the F1 chief executive to embrace the internet, as the “young generation” does not want “to see an entire race for one and a half hours”. Read the rest of this entry »

Apr 09

Teams in talks to buy into F1 – Ecclestone

A group of teams is indeed “having a conversation” about buying into F1

2014-03-30 - Scuderia Ferrari - Malaysia - Fernando Alonso - Kimi Raikkonen - Teams 01 Bernie Ecclestone on Wednesday revealed that a group of teams is considering buying into formula one. Read the rest of this entry »

Apr 07

Teams pushing Ecclestone into internet era

“The young generation wants to see sport in a different way”

2010-06-13_0226 F1 needs to race into the digital era, according to Ferrari team boss Stefano Domenicali. Read the rest of this entry »

Mar 25

Renault ends road car deal with Caterham

Renault is not giving up on “reviving its Alpine brand”

Alpine 36 Le Mans 2013 Caterham and its F1 engine partner Renault have reportedly axed a joint venture to produce road-going sports cars. Read the rest of this entry »

Jan 30

Brembo brakes made a billionaire

F1 braking made one Italian a billionaire.

Brembo logo That is the claim of the financial news agency Bloomberg, revealing that Brembo chief Alberto Bombassei made his fortune by dominating the F1 field, with 7 of the competing 11 teams currently equipped with Brembo carbon brakes. Read the rest of this entry »

Jan 16

Ecclestone facing German trial, bids for Nurburgring

“We believe we can do more for the track than anyone else”

Formula 1 Circuit in Sochi - Bernier Ecclestone 2 Bernie Ecclestone looks set for a challenging 2014, as German prosecutors prepare to send him to court to face criminal bribery charges. Read the rest of this entry »

Dec 04

Ecclestone confirms no New Jersey race in 2014

New Jersey street race is off again

2011-06-26_0247Bernie Ecclestone has now confirmed reports that New Jersey will not be on next year’s formula one calendar. Read the rest of this entry »

Nov 28

F1’s biggest spender is Red Bull – Whitmarsh

Like Ferrari, Red Bull denies it

2013-10-13 - Red Bull Racing - Mark Webber - 99015After Ferrari denied it is the biggest spender in formula one, McLaren says the most financially powerful team in pitlane is actually Red Bull. Read the rest of this entry »

Oct 28

Ecclestone court action to begin on Tuesday

“It’s not ideal, it would be better if it wasn’t happening”

Horner-Ecclestone - photo © HOCH ZWEI - PICTURE ALLIANCE - DPPI F1’s attention will turn from Sebastian Vettel’s fourth title to the inside of a courtroom early this week. Read the rest of this entry »

Oct 23

Official fears 2013 to be India’s last GP

“We’re hoping sales will increase as the race nears”

Buddh International CircuitThis weekend’s Indian grand prix could be the last, concerned motor sport chief Vicky Chandhok has admitted. Read the rest of this entry »

Jul 17

Ecclestone receives bribery indictment

Ecclestone’s German lawyer, and F1 owner CVC, did not comment.

Bernie Ecclestone has been formally charged by German prosecutors for bribery, it emerged on Wednesday. Read the rest of this entry »

Jun 04

Ecclestone says only jail a threat to F1 top job

“They’re quite laid-back. They’re not panicking.”

Formula 1 Circuit in Sochi - Bernier Ecclestone 2Bernie Ecclestone insists looming bribery charges do not immediately threaten his job at the helm of formula one. Read the rest of this entry »

May 31

Todt backs Ecclestone amid corruption charge

“He has every right to his job and he does it very well.”

2012-04-22 - Bahrain Grand Prix - Bernie Ecclestone - Jean TodtFIA president Jean Todt has backed Bernie Ecclestone, as German prosecutors prepare to charge the F1 chief executive for corruption. Read the rest of this entry »

May 20

Ecclestone tips BMW for F1 comeback, Toyota says no

“I would be surprised if we don’t see BMW again.”

2012:01:12_15:18:39.0618Bernie Ecclestone thinks German carmaker BMW might follow Honda back into formula one. Read the rest of this entry »

Mar 14

F1 owner CVC ‘milking’ money from sport – Fernley

Force India has lashed out at F1’s owner CVC, accusing the private equity firm of not being interested in developing the sport.

CVC Capital PartnersFlagworld - F1The 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. Read the rest of this entry »

Dec 04

FIA completing push for more F1 revenue – report

One of the unnamed sources said the new CVC agreement will benefit the FIA to the tune of about $25 million.

Flagworld - FIAJean Todt président FIA (DR)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. Read the rest of this entry »

Nov 20

Company files $650m lawsuit against F1

A company has filed a $650 million lawsuit against formula one.

Flagworld - F1Bluewaters 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. Read the rest of this entry »

Nov 20

Mercedes takes full control of F1 team

Now, financial media sources Bloomberg and Reuters report that Mercedes has indeed bought back Aabar’s stake.

2012-11-15_00282012-11-17_0011Mercedes-Benz has taken back total control of its formula one team by buying the 40 per cent stake held by Aabar, the Abu Dhabi investment arm. We reported in April that Aabar, who were then already watering down their involvement with Mercedes’ parent Daimler, was set to pull out of the Brackley based Mercedes GP team.

Read the rest of this entry »

Oct 19

GP America moved to 2014

2013 calendar down to 19 as F1 loses New York

2011-06-26_0247Grand Prix of America logoGrand Prix of America at Port Imperial and Formula One announce inaugural race moved to 2014 due to Construction Issues.  Bernie Ecclestone on Friday confirmed reports the inaugural New York grand prix will not take place in 2013.

Read the rest of this entry »

Oct 13

Mallya faces arrest in India

Two weeks before he is due to sit on the pitwall in his native India, Force India chief Vijay Mallya is facing arrest.

2012-07-21 - Sahara Force India - Germany - Vijay Mallya 022010-07-11 - Force India F1 Team - Dr. Vijay Mallya - Deepika PadukoneA non-bailable arrest warrant was issued by a Hyderabad court on Friday, relating to cheques issued by his struggling airline Kingfisher that bounced. The warrant was issued because billionaire Mallya failed to appear for a court hearing. Read the rest of this entry »

Oct 03

F1 team boss Mallya grounds Indian airline

Vijay Mallya is enduring a troubled run into this weekend’s Japanese grand prix.

2011-10-29 - Force India - India - Dr. Vijay Mallya 012010-07-11 - Force India F1 Team - Fly Kingfisher Speed DivasInternational media reports say the Force India chief has temporarily grounded the entire fleet of his Indian airline Kingfisher, with staff revolting after not being paid since April. Read the rest of this entry »

Oct 02

Greek gov’t to subsidise F1 track

Private investment company Racetrack Patras SA will oversee the project

Greece has set aside almost EUR 30 million to subsidise the construction of a formula one circuit, the country’s development ministry said. Read the rest of this entry »

Sep 19

Singapore race uncertainty to continue for now

Almost another year may pass before it is known whether Singapore is staying on the formula one calendar.

2011-09-24 - Pirelli - Teams - Singapore 012011-09-24 - Lotus Renault GP - Vitaly Petrov 02The city-state’s popular night race, set to take place this weekend for the fifth time, has become one of the most highly anticipated stops on the sport’s annual calendar. But the current contract does not run beyond 2012, even though Singapore reportedly has to serve more notice before it can cease organising the event. Read the rest of this entry »

Jul 05

Convicted former F1 banker Gerhard Gribkowsky has lodged an appeal against the Munich court’s ruling, according to media reports.

Gribkowsky appeals F1 corruption verdict

2012-06-07_0345The 54-year-old German was sentenced to eight and a half years in jail for receiving millions in bribes from Bernie Ecclestone, raising the prospect that F1’s high-profile chief executive could also be pursued.

Read the rest of this entry »

Jun 22

Ecclestone in crisis as bribery affair develops

“For now we are now awaiting the court’s verdict in the trial of Gerhard Gribkowsky.”

Flagworld - F1The reinvigorated F1 bribery affair has raised questions not only about the viability of the sport’s planned floatation, but about whether Bernie Ecclestone will lose his job or even face jail in Germany.

Read the rest of this entry »

Jun 01

Bernie Ecclestone has confirmed that plans to float formula one on the Singapore stock exchange have been put on the back burner for now.

Ecclestone confirms F1 floatation delay

2011-06-09_0314Flagworld - F1The F1 chief executive said in Monaco last weekend that the sport’s owners had adopted a “wait and see” attitude in light of the problems with Facebook’s high profile listing. And this week, London based jeweller Graff Diamonds postponed its Hong Kong floatation, citing adverse market conditions.

Read the rest of this entry »

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