Ecclestone Steps Down from F1 Board

Formula 1 supremo Bernie Ecclestone has stepped down from the F1 board after it was confirmed on Wednesday that he will face trial in Germany for bribery charges later this year.

The 83-year-old, who been in charge of F1 for the last four decades, will continue however to run the sport on a day-to-day basis ‘subject to increased monitoring’.

Ecclestone has been has been indicted by Munich’s state court on charges of bribery and incitement to breach of trust. They are connected to the alleged payment of a $44 million bribe to German banker Gerhard Gribkowsky.

Ecclestone has insisted he is innocent of the charges made against him and has vowed to ‘vigorously defend the case’.

Ecclestone has, however, stepped down from the board of the holding company which effectively controls F1 with immediate effect.

In a statement released by holding company Delta Topco Limited, it was confirmed: ‘After discussion with the Board, Mr Ecclestone has proposed and the Board has agreed that until the case has been concluded, he will step down as a director with immediate effect, thereby relinquishing his board duties and responsibilities until the case has been resolved.

‘It is in the best interests of both the F1 business and the sport that Mr Ecclestone should continue to run the business on a day to day basis, but subject to increased monitoring and control by the Board. Mr Ecclestone has agreed to these arrangements.’

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: