Showing posts with label CVC Capital Partners. Show all posts
Showing posts with label CVC Capital Partners. Show all posts

Thursday, 14 January 2016

Don't Cry Wolff Bernie - F1


Bernie Ecclestone has claimed a female driver “would not be taken seriously” in the sport. The Formula One chief executive, who last year called for a women’s series to run in tandem with the main grand prix schedule, also suggested the sport may never see a female racer again.

It is now almost 40 years since the Italian driver Lella Lombardi became the last woman to start a Formula One race at the 1976 Austrian Grand Prix.

In an interview on the Canadian network TSN, when asked if he anticipated the return of a female driver to the grid, Ecclestone said: “I doubt it. If there was somebody that was capable they wouldn’t be taken seriously anyway, so they would never have a car that is capable of competing. There was a girl that was driving in GP3 for a whole season so it is not something that hasn’t happened.”

The reporter then asked: “But it is not going to happen in the main event?” Ecclestone replied: “No. I don’t think so.”

The British driver Susie Wolff became the first woman to compete at a Formula One race weekend in more than two decades when she took part in practice for Williams at the 2014 British Grand Prix. But the 33-year-old, who is married to Mercedes’ director, Toto Wolff, retired from motor racing last year after claiming her dream of reaching the starting grid was “unachievable”.

On Thursday, the Scot launched the Dare to be Different initiative – a scheme that is aimed at increasing the number of women involved in motor sport.

Alice Powell, the 22-year-old Briton who became the first female winner of the Formula Renault series in 2010 and has subsequently competed in GP3, is an ambassador for the initiative. She said: “Someone needs to prove Bernie wrong. It would be a shame if a team would turn down a female to race in F1 because they would not be taken seriously.

“That is one of the issues though, that people don’t take the chance as they think it will be a joke. We’re not a joke and it is just another factor which makes it harder for females to race at the highest level.”

The Spanish driver Carmen Jordá was employed as a development driver for Lotus last year but is yet to compete for the team.

The highly-rated Simona de Silvestro tested for Sauber in 2014 before running out of funds. She now competes in the FIA-approved electric series Formula E.


Wednesday, 16 December 2015

Jenson has Finger on Button


Jenson Button believes the Formula One calendar should not go beyond the record-breaking 21 races scheduled for 2016.

The addition of the European Grand Prix in Azerbaijan and the return of the German Grand Prix – absent this year due to financial reasons – means Button and his fellow drivers are set to compete in 21 races for the first time in the sport’s history. Australia will play host to the first race in Melbourne on 20 March before the season ends in Abu Dhabi on 27 November. There will be six pairs of back-to-back races.

“For me it is fine because I love racing and I wish there was another race next weekend,” said Button, who will take his grand prix career into a 17th season in 2016. “I fly in on a Thursday to the European races and leave on a Sunday night, whereas the mechanics work such long hours and they spend so much time away from home that 21 races is going to be tough.

“I think it is difficult for any mechanic or engineer to have a relationship right now, for those guys it is not going to be easy. I just hope that it doesn’t grow in terms of races for 2017 because I think it will be too much.”

During his debut Formula One campaign in 2000, Button competed in 17 races – only six of which were staged outside Europe. But 11 of next year’s 21 grands prix – not including the races in Azerbaijan and Russia – will take place away from the sport’s traditional homeland.

“The first race next year starts later so it means there are a lot of back-to-backs and that is two weeks away from home for a lot of guys,” Button said. “I think you will probably have people hanging around less in terms of their role on the race team. You are going to get new people coming in after one year, which is a shame because it is nice having that atmosphere with people that you know and that you have worked with for years.”

One of next year’s scheduled races – the United States Grand Prix – is in serious doubt after the state of Texas announced it is to reduce its funding of the event by 20%. The Austin meeting, popular on the calendar since its debut in 2012, played host to Lewis Hamilton’s title triumph in October.

“It was the best race in 2015 and that is the one that might not be around next year,” Button added. “It will be a real shame if it is not around. It is a fun circuit, a fun city and it is nice to be racing in the States.”


Monday, 22 July 2013

Ecclestone Charged in Germany

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F1 Bernie Ecclestone faces being summoned to appear in court in Germany after being charged by prosecutors with paying a $44 million ($48 million) bribe, placing his future as head of the motor sport series in doubt.

The 82-year-old British billionaire has been under investigation since a German banker was convicted of taking the payment from him in connection with the sale of a stake in F1.

The Munich state court said Ecclestone has until mid-August to respond to charges of bribery and incitement to breach of trust in connection with Gerhard Gribkowsky's management of the bank BayernLB's 47 per cent stake in F1.

Ecclestone, the longtime commercial head of F1, acknowledged during Gribkowsky's trial in 2011 that he made the payment five years earlier but said he was pressured to do so.

Ecclestone's indictment was dated on May 10 and has since been translated into English and delivered to Ecclestone and his lawyers, the court said.

"The lawyers have accepted an indictment," Ecclestone told The Associated Press. "It means they have to reply to the indictment, which they are strenuously doing."

Ecclestone, whom Forbes magazine reports is worth $US3.8 billion, said he is yet to read the indictment.

"They are alleging I bribed someone," Ecclestone said, while insisting he did "nothing illegal."

Sentences in Germany for bribery range from three months to 10 years in prison.

CVC Capital Partners, the investment group that has owned F1's commercial rights since 2006, issued no comment overnight about the status of Ecclestone, who was retained as chief executive after it took control of the sport.

Gribkowsky was in charge of selling BayernLB's stake in F1 to CVC.

In addition to taking the money from Ecclestone, Gribkowsky used BayernLB's funds to pay the F1 chief a commission of $US41.4 million and agreed to pay a further $US25 million to Bambino Trust, a company with which Ecclestone was affiliated, prosecutors said during the trial in 2011.

Ecclestone told the court he deserved a commission for the sale, saying "I did a very, very good job."

Yesterday, he told the AP: "They wanted money. I was shaken down by the guys. It's happened in life before."

Gribkowsky, who has largely admitted the charges, was sentenced to eight-and-a-half years in prison after being found guilty last year of corruption, tax evasion and breach of trust.

Ecclestone's German lawyers, Sven Thomas and Norbert Scharf, said they will soon submit a "comprehensive response" to the court - and the central issue in that response will be "the varying 'confessions' of Mr. Gribkowsky."

Ecclestone was savvy in building his power base in F1 from the 1970s and helped to create the Formula One Constructors' Association that controlled the business side of the sport, including selling the TV rights.

The British-based company later became known as Formula One Management. It has fought regular tussles with the teams over finances, but has retained control of global motor racing extravaganza.

CVC, having amassed a 63 per cent stake of F1, has reduced its holding as other investors have come on board in recent years, although a planned flotation has stalled.

Ecclestone's holding has been diluted to about 5 per cent.


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