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No plan to replace Ecclestone, insist shareholders

Sources at CVC, the main shareholders of the Formula One Group, say that there are no pans to replace Bernie Ecclestone as CEO of the sport and that any successor is likely to come from outside.
Formula One Group's main shareholder, investment group CVC, is continuing to take a 'wait and see' approach to the current legal crisis affecting the sort's CEO Bernie Ecclestone, who has been formally indicted by German prosecutors over the payment of an alleged bribe in connection with the 2006 $1.7bn sale of F1 to the private equity firm.

Last week CVC issued an official press release saying that it would "continue to monitor developments in this situation" and this week a source within CVC told Britain's Daily Telegraph newspaper that "our actions show that we support Bernie."

Ecclestone's legal team has six weeks to respond to the indictment, and his lawyer has promised "a comprehensive submission" detailing inconsistencies in the claims of the prosecution's chief witness, Gerhard Gribkowsky. Ecclestone claims that Gribkowsky threatened to make false accusations about his tax affairs to Britain's tax authorities if he was not paid the alleged bribe.

The source added that in the event the legal process did ultimately force Ecclestone to step down from his day-to-day role overseeing the sport, a successor would have to come from outside the group. Existing personnel consists of just 313 staff and 10 senior management posts, and no deputy or chief operating officer who might succeed the 83-year-old.

"The business is too small to have a successor lurking in the ranks. The successor almost certainly has to come from externally," agreed the newspaper's source.

Red Bull Racing team principal Christian Horner has been tagged as a possible successor to Ecclestone, but the majority of names come from outside the sport and include Sainsbury's CEO Justin King and former M&S boss Sir Stuart Rose.

“I've no idea whether the boss of a company like Sainsbury's could do my job. Maybe he could,” Ecclestone told The Guardian newspaper in April when King's name was first attached to the post. (See story.)

And it doesn't seem that the shareholders are in any rush to have to find out who would be best placed to succeed the inimitable F1 ringmaster.

"The reality is that Bernie runs the business and he is much closer to what is going on than we are," said the CVC source. "We are obviously important in the sense that we are the shareholders but we don't run the business on a day to day basis."




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07.07.2013-  Race, Bernie Ecclestone (GBR), President and CEO of Formula One Management  and Christian Horner (GBR), Red Bull Racing, Sporting Director
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05.07.2013- Free Practice 2, Bernie Ecclestone (GBR), President and CEO of Formula One Management
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24.08.2014- Race, Bernie Ecclestone (GBR), President and CEO of FOM
24.08.2014- Race, Bernie Ecclestone (GBR), President and CEO of FOM
24.08.2014- Race, Bernie Ecclestone (GBR), President and CEO of FOM
24.08.2014- Bernie Ecclestone (GBR), President and CEO of FOM
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24.08.2014- Bernie Ecclestone (GBR), President and CEO of FOM
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23.08.2014- (L to R): Adrian Newey (GBR) Red Bull Racing Chief Technical Officer and Christian Horner (GBR) Red Bull Racing Team Principal take part in the ALS ice bucket challenge
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19Krpm

July 24, 2013 4:21 AM

Bayern were probably happy with the opportunity of getting rid of F-1 when they did, not the value of shares at the time. Cvc are monitoring developments, they probably meant, monitoring the impact on their shares, not the interests of F1 and the thousands of people who do real work day in day out to keep my sport limping forward to nowhere. After 15 yrs of neglect and milking, what else would anyone in F-1 world expect of them? How ironic that cvc might end up getting what they bargained for, when their seriously overvalued F1 shares hit bargain-basement levels when more c rap comes out in the public. The notion that c v c could not have known about 40M+ changing hands right under their noses defies common sense and logic. They can't afford to unload the gnome by the kerbs, he probably knows too much and who knows if they might need him to br be another european bank off icer $:-(.



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