Menu
Finance

Bernie Ecclestone's Bribery Case Seen As Disruptive To CVC's Plan To Sell F1

CVC Capital Partners Ltd.’s plan to hold an initial public offering of F1 "may be hurt by a bribery investigation" involving F1 CEO Bernie Ecclestone, according to Alex Duff of BLOOMBERG. Ecclestone "is negotiating an accord" known as the “Concorde Agreement” through '20 with teams, which will race this weekend at the Monaco Grand Prix. Former team Owner Paul Stoddart said Ecclestone has not appointed a deputy, and it could take years for a replacement to “get up to speed.” Stoddart: “CVC is between a rock and a hard place. If Bernie Ecclestone was forced to stand down, the Concorde Agreement would be thrown into complete turmoil.” CVC "is scaling back its interest" in F1, selling stakes worth $1.6B to BlackRock Inc., Waddell & Reed Financial Inc. and Norges Bank Investment Management last year. Ecclestone’s biographer, Tom Bower, said that it "would be difficult for CVC to hold an IPO without Formula One’s chief executive officer." Bower: “It’s not a simple matter like a normal company where you can hand over the management.” Ecclestone “holds all the strings in Formula One. If he is forced out, it would be a major earthquake” (BLOOMBERG, 5/23).

SBJ Morning Buzzcast: April 26, 2024

The sights and sounds from Detroit; CAA Sports' record night; NHL's record year at the gate and Indy makes a pivot on soccer

TNT’s Stan Van Gundy, ESPN’s Tim Reed, NBA Playoffs and NFL Draft

On this week’s pod, SBJ’s Austin Karp has two Big Get interviews. The first is with TNT’s Stan Van Gundy as he breaks down the NBA Playoffs from the booth. Later in the show, we hear from ESPN’s VP of Programming and Acquisitions Tim Reed as the NFL Draft gets set to kick off on Thursday night in Motown. SBJ’s Tom Friend also joins the show to share his insights into NBA viewership trends.

SBJ I Factor: Molly Mazzolini

SBJ I Factor features an interview with Molly Mazzolini. Elevate's Senior Operating Advisor – Design + Strategic Alliances chats with SBJ’s Ross Nethery about the power of taking chances. Mazzolini is a member of the SBJ Game Changers Class of 2016. She shares stories of her career including co-founding sports design consultancy Infinite Scale career journey and how a chance encounter while working at a stationery store launched her career in the sports industry. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2013/05/24/Finance/Ecclestone-F1.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2013/05/24/Finance/Ecclestone-F1.aspx

CLOSE