Add to circle Bernie Ecclestone After nearly four decades of commanding Formula One, Bernie Ecclestone on Monday finally relinquished control of the sport. Some readers will recall that the Rupert Murdoch-linked media giant in was in the headlines over a deal to take control of Formula Onethough it never materialized. The British billionaire, who turns 87 this year, will stay on as an advisor.
Formula One boss Bernie Ecclestone facing bribery charges Updated: Formula One magnate Bernie Ecclestone faces bribery charges when his trial begins in Munich on Thursday in a case which threatens to end his reign. The page indictment against the octogenarian billionaire leaves the impression he wanted to protect his empire at all costs.
Ecclestone has reduced his role in the running of Formula One pending the outcome of the trial and plans to be in court two days per week. Prosecutors suspect this was meant to ensure that CVC would get the rights, which would allow Ecclestone to maintain more control over Formula One business.
Ecclestone claims he paid Gribkowsky, because the German was threatening to cause trouble for the Formula One chief executive with British tax authorities. Gribkowsky, the former chief risk officer at Bayern LB, was instrumental in selling the Bavarian bank's stake in Formula One and is alleged to have received the payments from Ecclestone and Bambino, an Ecclestone family trust.
The German was sentenced to eight-and-a-half years in prison in after being convicted of corruption in relation to the money. Gribkowsky is set to give evidence in Ecclestone's trial with 26 days of hearings scheduled for the case until at least the middle of September.
The Brit has denied rumours he will abort his defence midway through the trial to seek a plea bargain, telling reporters, "I'm going into this trial to prove my innocence of what I have been charged with".
Donald Mackenzie, co-founder of CVC Funds, the sport's majority shareholder told Britain's High Court last year that Ecclestone would be fired if he was found to have committed a criminal offence.
Ecclestone faces the same judge, Peter Noll, who convicted Gribkowsky and the Briton faces a jail term if found guilty. A controversial figure, Ecclestone rose to become Formula One's supremo having failed to make it as a driver in the s.
He bought the Brabham team in and his control of the sport grew from his pioneering the sale of television rights in the late s.
He had to apologise for making sexist comments about female drivers in and in drew widespread criticism for saying Adolf Hitler "had the right idea".Votes are split three ways: six votes for the FIA, six votes for the teams, and six for Ecclestone on behalf of the Formula One Group.
The next stage is the F1 Commission, chaired by Ecclestone. Bernie Ecclestone, Self: Formula 1. Bernie Ecclestone was born on October 28, in Bungay, Suffolk, England as Bernard Charles Ecclestone.
He has been married to Fabiana Flosi since August He was previously married to Slavica Radic and Ivy Bamford. Ecclestone's long tenure as Formula 1 chief remains controversial, but the CEO's presence was one constant in a continually changing sport.
It's unknown how the series will change under new. After nearly four decades of commanding Formula One, Bernie Ecclestone on Monday finally relinquished control of the sport.
He didn’t have much say in the decision which was made by F1’s new. Bernie Ecclestone urges Formula One to make bold switch to electric cars • Former F1 chief executive urges new owners to make bold changes • ‘Liberty would need the balls to do it.
Watch video · FORMULA One supremo Bernie Ecclestone was standing by a hotel swimming pool in Buenos Aires in when he was approached by a nervous-looking racing driver called Mario Andretti.