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CVC to ‘monitor’ Ecclestone situation

Majority F1 shareholder CVC has said that it will keep abreast of developments in the German indictment of Bernie Ecclestone, but has stopped short of taking action against the sport's supremo.
Confirmation that Bernie Ecclestone has been formally indicted by prosecutors in Germany has been met with a brief and muted response from the board of the Formula One Group.

After a seemingly drawn-out process, prosecutors have finally completed their case against the F1 ringmaster, with Ecclestone's legal team being handed a formal indictment on Wednesday (17 July).

Charges are linked to the role the Briton played in the sale of F1 shares to investment giant CVC when a major part of the sport was sold off in 2005. Ecclestone is accused of having colluded with disgraced banker Gerhard Gribkowsky to offer the shares at a lower price, failing to realise the true value for employer BayernLB.

Constantin Medien valued the stake at $2.8bn, but claims that CVC secure a deal for around $1.7bn despite interest from other parties. Gribkowsky has already been sentenced for accepting an alleged bribe from Ecclestone, as well as separate charges of tax evasion, but Ecclestone insists that he did not offer the German a financial incentive to help swing the deal in CVC's direction, preferring instead to claim that he was being 'shaken down' by Gribkowsky amid threats to reveal details of his personal tax affairs.

CVC has so far refused to react to the allegations, allowing Ecclestone to retain his position at the top of the sport, but reveals that it will keep a weather eye on proceedings as they now unfold in Germany.

“The Board of Formula One Group [Delta Topco Limited – ed], notes the following developments in Munich,” an official statement read.

“Mr Ecclestone, CEO of Formula One Group, has now received a bill of indictment, in English, from the Munich Regional Court.

“Mr Ecclestone has 6 weeks to provide a response to this bill of indictment, prior to a decision being made by the Court on opening proceedings.

“The Board will continue to monitor developments in this situation accordingly.”

Ecclestone's case could come to court as early as September, according to some sources.




Related Pictures

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06.07.2013- Qualifying, Bernie Ecclestone (GBR), President and CEO of Formula One Management
05.07.2013- Free Practice 1, Bernie Ecclestone (GBR), President and CEO of Formula One Management
05.07.2013- Free Practice 2, Bernie Ecclestone (GBR), President and CEO of Formula One Management
Bernie Ecclestone
Bernie Ecclestone
06.07.2014 - Sir Jackie Stewart (GBR), Prince Henry of Wales and Bernie Ecclestone (GBR), President and CEO of Formula One Management
06.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management and Prince Henry of Wales
06.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management and Prince Henry of Wales
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Christian Horner (GBR), Red Bull Racing, Sporting Director and Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Christian Horner (GBR), Red Bull Racing, Sporting Director and Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management
22.06.2014- Race, Ron Dennis (GBR) McLaren Executive Chairman and Bernie Ecclestone (GBR), President and CEO of FOM

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