Tag Archive: Financial Times

Sep 10

Santander chief Botin dies

Emilio Botin, a man well-known within the F1 paddock, has died.

Santander The 79-year-old was chief of Europe’s biggest bank Santander, a major Ferrari sponsor and closely aligned with Fernando Alonso. Read the rest of this entry »

Sep 04

Colleague says Todt concerned about Russia GP

Jean Todt is concerned about the viability of next month’s inaugural grand prix.

2014-06-14-1001 That is the claim of Ari Vatanen, an FIA official who once stood against Todt for the presidency of F1’s governing body but is now one of his closest allies. Read the rest of this entry »

Sep 03

Europe could recommend Russia GP boycott

Mere days ago, Bernie Ecclestone remained certain formula one will race for the first time in Russia next month.

2014-08-13 - Sochi 2 Amid the Ukrainian crisis and the MH17 atrocity, the F1 chief executive defended his decision to resist calls to cancel the inaugural Sochi event. Read the rest of this entry »

May 19

Montezemolo hints at F1 team budget boost

Luca di Montezemolo has hinted he will increase Ferrari’s budget in order to catch up with dominant Mercedes.

2014-05-09 - Scuderia Ferrari - Spain - Fernando Alonso 03 The fabled Italian marque has struggled early this season, prompting the exit of team boss Stefano Domenicali. But recent rumours suggest Ferrari is now prepared to ‘break the bank’ to woo F1’s highest-paid engineer, Adrian Newey, to Maranello. Read the rest of this entry »

Mar 28

Ecclestone must pay costs but Constantin appeal rejected

Bernie Ecclestone’s legal woes took a turn for the better this week

2012-06-07_0277 After the German media group Constantin filed an appeal against the recent High Court ruling, a judge on Thursday rejected the application. Read the rest of this entry »

Mar 04

Ecclestone admits bribe affair affecting F1 role

“We don’t have any changes planned at the moment” – CVC

Formula 1 Circuit in Sochi - Bernier Ecclestone 2 Bernie Ecclestone has hinted for the first time that he may need to voluntarily step back from running formula one. Read the rest of this entry »

Dec 24

Mercedes rules out F1 cooperation with Renault

On the road-car side, however, Mercedes and Renault-Nissan do cooperate

Mercedes 2013-12-07 Mercedes has ruled out cooperating with Renault in the development of its all-new turbo V6 engines for formula one. Read the rest of this entry »

Aug 07

Vettel backs Ecclestone amid legal troubles

 “The bottom line is that he is the one who brought formula one to such a high level.”

2013-06-09_0580World champion Sebastian Vettel has jumped to the defence of F1’s embattled chief executive. Read the rest of this entry »

Jul 18

Pirelli boss sentenced for espionage

“I will appeal, convinced that the truth will emerge”

2011-05-07 - Pirelli -Turkey - Pirelli factory - Marco Tronchetti 2Pirelli chairman Marco Tronchetti Provera has been sentenced to jail for twenty months. Read the rest of this entry »

Apr 19

F1 should not be singling out Bahrain controversy – Alonso

“We are more stoic, more phlegmatic (than last year).”

2013-04-13 - Scuderia Ferrari - China - Fernando Alonso 01Fernando Alonso has played down the significance of this weekend’s Bahrain grand prix, suggesting the sport should not be picking which of its host countries’ controversies to weight into. Read the rest of this entry »

Mar 15

Todt suggests F1 teams’ cost agreement in doubt

“I think F1 does cost too much,” he acknowledged to the Financial Times.

Flagworld - FIAJean Todt (DR)The future of the so-called ‘resource restriction agreement’ – a gentleman’s pact among teams to control costs – has moved under a dark cloud. Read the rest of this entry »

Mar 14

New title sponsor already decided – McLaren

Vodafone confirms McLaren exit

03 - Vodafone McLaren Mercedes2013-01-31 Vodafone McLaren Mercedes - Jenson Button - Martin Withmarsh - Sergio Perez 01McLaren on Thursday swiftly confirmed reports that Vodafone will definitely end its seven-year title sponsorship at the end of 2013. “Having met and exceeded all the highly ambitious targets that Vodafone had set for its title partnership with McLaren, the company has now decided to focus on business priorities away from formula one sponsorship,” the British team announced in a press release. Read the rest of this entry »

Feb 05

Ecclestone to pen $200m sponsor deal – report

Bernie Ecclestone is tipped to sign up the airline Emirates as a major F1 sponsor on a visit to Dubai on Tuesday.

Formula 1 Circuit in Sochi - Bernier Ecclestone 2Welcome to Emirates.comThe Financial Times said the five year deal is worth “about $200m”, making it “one of the biggest” in motor sport. The report said Emirates would join formula one’s clutch of official sponsors, including UBS, Rolex, Tata and LG. 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 »

Oct 26

Ecclestone ‘aggravated’ by worsening bribery scandal

Ecclestone said he is not planning to step down

2012-06-10_0439Bernie 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. Read the rest of this entry »

Oct 22

Todt denies FIA to lighten grip on F1

Jean Todt has dismissed suggestions he is willing to loosen the FIA’s grip on formula one in return for more money.

Jean Todt (DR)Flagworld - F1Ahead of a crucial meeting between the FIA president, Bernie Ecclestone and the teams in Paris on Tuesday, the Financial Times reported speculation Frenchman Todt will agree to trade some of the federation’s rule-making power for a bigger share of the sport’s financial pie. Read the rest of this entry »

Aug 28

Di Grassi involved in FIA’s ‘Formula E’ plans

Pirelli tester and former Virgin race driver Lucas di Grassi is now involved in plans for the FIA’s new ‘Formula E’ category.

Lucas di Grassi2011-07-06 - Pirelli - Lucas di GrassiThe governing body’s president Jean Todt has signed a deal with Addax GP2 and GP3 team owner Alejandro Agag and other Hong Kong-based investors to promote the new single seater series that will debut in 2014. The cars, to be developed by official tester and Brazilian di Grassi, will be powered only by lithium batteries and electric energy.

Read the rest of this entry »

Jul 07

Genii, the private equity fund that owns the Lotus team, is looking into investing EUR 500 million in the world of football

Lotus owner Genii to spend big on football

2012-06-10_1378Eric Lux - Genii CapitalTeam owners Gerard Lopez and Eric Lux are eyeing five second-tier European clubs as well as a dozen player agencies, academies and media rights companies, the Financial Times reports.

Read the rest of this entry »

Jul 02

McLaren’s Vodafone backing in doubt – report

McLaren’s lucrative title sponsorship could be in doubt.

2012-06-09_12892012-06-09_0077The Financial Times reports that Vodafone, the British telecommunications national, “is reviewing” its major sponsorship deals.
Read the rest of this entry »

Jun 30

Ecclestone – no fear of Hockenheim arrest

Bernie Ecclestone has denied suggestions he will not risk travelling to Germany next month.

2011.10.01-GT Masters Hockenheim 022012-06-07_0340Bild newspaper indicated recently the F1 chief executive might skip the race after this weekend’s British grand prix for risk of arrest.

Read the rest of this entry »

Jun 27

Prosecutors say Ecclestone corruption ‘accomplice’

German prosecutors on Wednesday appeared likely to press ahead with a corruption case against Bernie Ecclestone.
Banker sentenced to jail for F1 bribery

2012-06-07_0273Until now, the F1 chief executive has been implicated in the Gerhard Gribkowsky scandal but only as the subject of an investigation into the money he paid to the jailed banker. Read the rest of this entry »

Jun 16

Gribkowsky could admit F1 bribery – report

Gerhard Gribkowsky could be close to admitting his involvement in the F1 bribery affair involving Bernie Ecclestone.

Flagworld - F1The former banker has been at the centre of the scandal, with German prosecutors claiming he received millions in bribes from the F1 chief executive relating to the sport’s sale years ago.

Read the rest of this entry »

May 24

F1 warns shareholders about Ecclestone

Formula one is formally warning potential shareholders that a key to the sport’s health is 81-year-old Bernie Ecclestone.

2011-06-09_0313Pre-marketing for F1’s high profile Singapore floatation has begun, and a prospectus doing the rounds admitted the sport relies heavily on its diminutive chief executive.

Read the rest of this entry »

Apr 26

F1 racing ahead with $3bn floatation plans

F1’s plans to float on the Singapore stock exchange are continuing to harden.

Flagworld - F12012-03-18 - Australian Grand Prix - Pirelli 03 - TeamsThe sport’s majority owner CVC has reportedly lined up several banks – including UBS, RBS, Morgan Stanley, Goldman Sachs, Santander, DBS Group Holdings and CIMB – to handle the transaction. Read the rest of this entry »

Mar 20

FOTA complaints led to ‘special deal’ report axe

“FOTA can’t sign anything with anyone” – Ecclestone

FOTAFOTARival formula one teams complained when Sky News published a report suggesting Ferrari and Red Bull will receive special deals for the next Concorde Agreement. Read the rest of this entry »

Mar 16

Wealth has not dimmed Brawn’s drive

Ross Brawn insists great wealth has not affected his drive to succeed.

2011-11-13 - Mercedes GP Petronas F1 Team - Abu Dhabi - Ross Brawn 032012-03-15 - Australian Grand Prix 2012 Thursday #2 106As team boss, the Briton bought Brackley based Honda for a nominal pound after the 2008 season, before ‘Brawn GP’ and Jenson Button raced to the drivers’ and constructors’ titles. Read the rest of this entry »

Jan 10

F1 ‘in trouble’ before CVC deal – Mackenzie

Formula one was in “a lot of trouble” some years ago before the commercial rights were bought by CVC.

CVC Capital PartnersThat is the claim of Donald Mackenzie, who on Monday testified in Munich during the corruption trial of former F1 banker Gerhard Gribkowsky.

Read the rest of this entry »

Dec 05

FOTA unity was always doomed – Ecclestone

FOTA is failing due to the competitiveness of the formula one teams, according to Bernie Ecclestone.

FOTA2011-11-26 - Red Bull Racing - Brazil - Christian Horner - Bernie EcclestoneThe teams’ alliance is reeling from the high profile loss of top teams Red Bull and Ferrari, due mainly to the disagreement about the cost-cutting resource restriction agreement.

Read the rest of this entry »

Nov 18

UK ‘fraud office’ considering Ecclestone probe

Bernie Ecclestone has refused to comment on reports he may be investigated by the UK’s serious fraud office (SFO).

2011-06-09_0303The F1 chief executive testified recently at Gerhard Gribkowsky’s high profile corruption trial and may himself be charged by the Munich prosecutors for paying millions in alleged bribes.

Read the rest of this entry »

Nov 16

F1 trial twist as Ecclestone deputy fails to show

F1’s corruption scandal has taken a fresh twist this week.

2011-06-09_0303The Financial Times reports that Stephen Mullens, Bernie Ecclestone’s long-term deputy who left formula one a month ago, has failed to appear in Munich as a witness during the bribery trial of Gerhard Gribkowsky.

Read the rest of this entry »

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