أرشيف وسم ‘ CVC ’

Posted on Wednesday, July 17, 2013

Ecclestone receives bribery indictment

Bernie Ecclestone has been formally charged by German prosecutors for bribery, it emerged on Wednesday. It has been known since May that the Munich prosecutors decided to indict the F1 chief executive for paying millions to jailed former F1 banker Gerhard Gribkowsky amid the sale of the sport some years ago. Bloomberg quoted a court spokesman as confirming that although the charges were filed in May, they were only served on Wednesday after being translated into English. He said more details will be released in […]

Posted on Wednesday, May 15, 2013

German prosecutors charge Ecclestone with bribery

German prosecutors have charged Bernie Ecclestone with bribery, the Suddeutsche Zeitung newspaper reports in its Wednesday edition. Earlier, the newspaper said the officials had completed their long investigation into the F1 chief executive's role in the Gerhard Gribkowsky corruption affair. "Munich has filed charges against Bernie Ecclestone," Wednesday's article reads, adding that one of the charges is the "serious" offense of bribing a public official. The case will surround the 82-year-old's confirmed payment of $44 million to jailed former F1 banker Gribkowsky, surrounding the sale […]

Posted on Monday, April 29, 2013

$10m fund for 2010 new teams to end

Bernie Ecclestone has said that Caterham and Marussia will no longer receive $10m on an annual basis. The lump sum was paid to the three teams who joined the grid in 2010 but this has now ceased. Only the top 10 teams will receive money under the new proposed Concorde Agreement. Marussia currently holds 10th place in the championship courtesy of Jules Bianchi's 13th place in Malaysia. The two teams held unsuccessful merger talks over the winter. Ecclestone also confirmed to The Daily Telegraph that […]

Posted on Thursday, October 25, 2012

Bank wants Ecclestone to pay back $400m

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. Suddeutsche Zeitung said BayernLB's lawyers have sent a letter, detailing the extraordinary damages, to F1's billionaire chief executive. BayernLB claims that, with Gribkowsky allegedly bribed […]

Posted on Saturday, June 30, 2012

Ecclestone: No fear of Hockenheim arrest

Bernie Ecclestone has denied suggestions he will not risk travelling to Germany next month. Bild newspaper indicated recently the F1 chief executive might skip the race after this weekend's British grand prix for risk of arrest. Speculation is ramping up that Ecclestone, 81, will be charged for bribery, after former F1 banker Gerhard Gribkowsky was convicted and jailed last week for receiving the payments from the Briton. "The only thing I did wrong is that I personally paid him ten million pounds", Ecclestone told the […]

Posted on Saturday, June 16, 2012

New F1 owner ups stake by $500m

One of F1's new owners has bought even more of the sport, it has emerged. Amid expectations last month that the Singapore floatation was going ahead, the US based asset managers Waddell and Reed, and others, bought a $1.6 billion stake in the Formula One business from existing owners CVC. Reuters and Sky News are now reporting that Waddell and Reed has lifted its new stake by $500 million, to almost 21 per cent. CVC, having cut its stake from 63 per cent to 42 […]

Posted on Friday, May 25, 2012

F1 flotation could be delayed

A plan for Formula One to be floated on the Singapore stock market could be delayed, Bernie Ecclestone hinted. CVC had hoped to sell their shares but in the wake of Facebook's recent slump, F1's supremo has given a warning about acting prematurely. "The market doesn't look too bright after that little bit of a problem with Facebook. So I think they are going to wait and see", Ecclestone told CNN. Despite the problems with the stock market, Ecclestone confirmed that talks are progressing positively regarding […]

Posted on Wednesday, May 23, 2012

Ecclestone: 'Cheap' F1 worth billions

Formula One is worth about $8 or $9 billion, as the sport's owner CVC confirmed it has this week sold a 21 per cent stake to new investors. News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows. "It's cheap compared to Facebook," chief executive Bernie Ecclestone told reporters on Tuesday, confirming that the Singapore IPO looks set to go ahead soon "with no dramas". "All the things […]

Posted on Tuesday, April 10, 2012

CVC to sell 20% of F1 for $2bn

More details about Formula One's planned stock market floatation have emerged. Bloomberg, the financial news agency, said majority owner CVC is seeking $2 billion by floating "about 20%" of the sport. That would value F1 at about $10 billion. The information was verified by "four people with knowledge of the matter", the report said. "CVC wants to conduct the sale in Singapore as early as June, and is in discussions with investment banks about its plans, which aren't final," Bloomberg added. The report added that […]

Posted on Wednesday, March 21, 2012

Singapore key to F1's future

Singapore, the southeast Asian city-state and the scene of F1's annual street night race, could be at the centre of the sport's plans for the future. Sky News reports that Temasek Holdings, one of Singapore's principal sovereign wealth funds, has been approached by F1's majority owner CVC with a proposal to buy into the sport. It is also rumoured that F1 could be floated on the Singapore stock exchange. F1 chief executive Bernie Ecclestone admitted last November that, "It would be better (for CVC) to […]

Posted on Monday, March 19, 2012

Anger as F1 does special deals for top teams

Many team bosses reportedly left the Melbourne paddock angry late on Sunday, amid claims Ferrari and Red Bull have agreed special deals for F1's future beyond the current Concorde Agreement. Rumours of the top teams' deal - part of a reportedly planned $10 billion stock market floatation of the sport - began to swirl following the publication and then retraction of a Sky News internet report. The report was reportedly based on a leaked copy of the draft 2013 Concorde Agreement, which according to London's […]

Posted on Sunday, March 18, 2012

Rumours swirl of Red Bull, Ferrari deal

Hot on the heels of the new technical controversies, the 2012 season has also kicked off in the sport's high-intrigue world of politics. A fascinating blog post by Sky News' City editor Mark Kleinman has been pulled from the internet just hours after it went live. It was about "F1 finance and control allegedly involving Ferrari, Red Bull and (the sport's owner) CVC", according to veteran journalist and broadcaster Maurice Hamilton on Twitter. "Has someone spoken out of turn?" wondered the Times' Kevin Eason. The […]