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Mackenzie appointed F1 chairman

CVC founder Donald Mackenzie takes over at the head of F1 holding company Delta Topco.
Donald Mackenzie has been appointed as the new chairman of F1 holding company Delta Topco, replacing disgraced German banker Gerhard Gribkowsky.

Mackenzie, who co-founded majority shareholder CVC, takes over with immediate effect, despite potential candidates for the post including some of the most influential people in business, as CVC attempts to distance itself from the bribery row involving Gribkowsky and F1 ringmaster Bernie Ecclestone. Although Ecclestone admits making a payment to Gribkowsky, he insists that it was not a bribe, despite the German being accused of taking money to ensure that the sport's shares were undervalued.

Britain's Daily Telegraph reports that Ecclestone did not think that F1 needed a new chairman, but CVC clearly thought otherwise and strengthened its control over the sport with Mackenzie's 'promotion'. CVC currently owns 63.4 per cent of Topco, and Mackenzie taking over the chair will emphasise its control of the board.

Gribkowsky's lawyers, meanwhile, have asked prosecutors to drop the charges of corruption, claiming that the case against the former BayernLB risk officer is 'far fetched' with sketchy evidence to prove that he is guilty as charged.

"Munich prosecutors' didn't comply with the necessary diligence and responsibility a German investigative authority needs to adhere to," a statement was quoted by the Financial Times.




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Cobalt

September 05, 2011 1:40 PM

Gribkowsky in jail, Bernie doing his best to make F1 as unpopular as possible... 32500 signed petitionbuzz and over 25000 e-petitions to Keep Formula 1 Free To Air in the UK. F1 should start looking after itself. Disassociate itself from Delta Topco (CVC+Bernie), form new series. But dont follow "lets squeeze few billions out of fans" route championed by Parr and Whitmarsh.



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