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SBD Global/July 18, 2013/People and Pop Culture
F1 CEO Bernie Ecclestone Indicted On Bribery Charge By German Prosecutors
Published July 18, 2013
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COSTLY CONSEQUENCES: Also in London, Paul Weaver reported Ecclestone has said that "he could be removed from his position in charge of F1 if found guilty." But, in a sense, "his guilt or otherwise is not the problem for F1 right now." It is the prospect of Ecclestone "being dragged through long months of court proceedings, a major distraction as the sport plans a flotation in Singapore" (GUARDIAN, 7/17). BLOOMBERG's Karin Matussek reported CVC spokesperson JAMES OLLEY said that the private equity group "had no immediate comment about Ecclestone being indicted." The company is not part of the investigation and has said that it did not know about any bribery payments in the deal (BLOOMBERG, 7/17). REUTERS' Irene Preisinger reported the case "could mean a further delay to tentative plans to float Formula One on the stock market in Singapore and will revive speculation about an eventual successor to the man who turned the sport into a major global business" (REUTERS, 7/17). In London, Simon Cass reported speaking in a recent interview about the prospect of being locked up, Ecclestone said, "I am not guilty of anything except being got at. But if I get sent to jail, I will have to deal with it. I don't think I will like it very much. But you have to get on with things" (DAILY MAIL, 7/17).