Despite Numerous Lawsuits, Bernie Ecclestone Continues On With F1 Sale
Bernie Ecclestone - 'The Don' of F1
Prosecutors are still pursuing the investigation into the bribery case involving F1 CEO Bernie Ecclestone as the entrepreneur "prepares the sport to be sold off yet again," according to Kevin Eason of the London Times.
Plans to find global investors to buy F1 "are going ahead under a huge cloud of lawsuits" facing the sport's CEO. Many in F1 "believed that inquiries had been dropped" after the jailing last year of German banker Gerhard Gribkowsky. But the office of Munich Chief Public Prosecutor Thomas Steinkraus-Koch said that "the investigation continues almost a year after Gribkowsky was convicted." A statement said, "The investigation against Mr. Ecclestone is not yet completed."
After an aborted flotation attempt last year, Ecclestone has confirmed that the private equity group "will make a second attempt this year on the Singapore Stock Exchange." The question "is whether Ecclestone remains a crucial part of the sales package." Ecclestone "will be 83 at almost the same time as Formula One is put on the market." He "will also face litigation on both sides of the Atlantic," with compensation claims outstanding worth about $1B.
Ecclestone "denies any wrongdoing or undervaluing" F1 when he organized the sale of the sport to CVC seven years ago. Ecclestone is confident of seeing off the civil compensation claims, "insisting that the CVC deal was the best he could get." London Times
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