F1 » Ecclestone facing tax investigation


Bernie Ecclestone is facing an HMRC investigation in addition to facing Gerhard Gribkowsy in court over bribery charges.

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Clondikemike - Unregistered

November 09, 2011 9:44 AM

i really don't get it. Yes he's mega rich and yes he's a spiv. But who in his position is whiter than white?
But lets be honest if it were not for Ecclestone we would not have Formula 1 here today in its present form. And also a lot of people have made some serious money off of the back of Ecclestone. The fact is he is a sharp operator, and at his age remarkebly still is.
I don't get it with the personal hatred of the guy. He does what is best for F1, I havn't seen FOTA doing anyhting too radical to prise F1 back for the sake of the fans do you?? In doing the best for F1 he is lining his own pocket and the pockets of those in F1. Thats no different to what any bank, or big business is doing everyday.

ilovesushi - Unregistered

November 09, 2011 11:12 AM

Clondike It is all jealousy. What ever we may think he is a brilliant deal maker. Fascinating that he admitted there was a bribe attempt when obviously that would lead to questions from revenue. It was just a question of time. All people with offshore trusts resign all powers (they have to) but behind the scenes there are mechanisms which allow some influence in what happens day to day. It's going to be a mess for sure, and the dogs will be baying for blood. I am very surprised Bernie painted himself into this corner.
I've had direct dealings with him and I can state categorically that he was hard, but ALWAYS very fair and a man of his word. You can't ask for more than that in business. As you say, a lot of people have done very nicely working with Mr B, including several team principals.

Clondikemike - Unregistered

November 09, 2011 2:04 PM

ilovesushi

At least you can speak from personal experience about the guy and it confirms what I imagined him to be.

One thing I suspect is that when he goes there is a good chance F1 will implode as BE seems to be the only guy with clout, nous and respect from all F1 concerns to be able to pull them together.

I also personaly like him as he always has time to speak when collared and for all his power never seems to walk around with his nose in the air.

mrfill - Unregistered

November 09, 2011 2:43 PM

@clondike
He does what is best for F1 as a company, not as a sport. For example, there should be no question about going to Spa or Monza, but there is. Financially it might make sense to go to Korea (in the short term) but the benefit to the sport is zero.
FOTA cant do much as they have neither the cash nor the power to influence things much and besides, they do quite well out of the status quo even though they would prefer more.

Also, if there was a section in your tax demand itemising the additional cost to make up the amount lost through tax avoidance by BE and his ilk, the dislike may be more apparent.

equator - Unregistered

November 10, 2011 6:22 AM

It has been written the amount paid for forty seven percent was +/- 800 million. The actual value was over 2 Billion, now wouldn't this lead one to believe a little pocket money change hands to keep the value down on the books? This line of fear of a tax audit is rubbish and even a child could do better. Bernie knows the outcome and has made preperations, he got his buddy Flavio out of the football team, his daughter recently bought 100 million spread in the U.S. and probably there is so much more we dont know....YET

Caroline - Unregistered

November 10, 2011 11:24 AM

The exact amount CVC paid was GBP1,038,818,380.

And the other 2 interested parties, Hutchison Whampoa and Clearbrook Capital offered less than CVC, and Bayern stated that their shares in F1 were sold "clearly above its book value,", meaning that they got more money than they expected for them, showing that they could not have been undervalued.

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