Ecclestone steps down as F1 director but will continue to run the business
16 January, 2014
Formula 1 chief executive Bernie Ecclestone will continue to run the motor racing business despite a forthcoming bribery trial but will face greater control from the company board, F1 said in a statement on Thursday.
Ecclestone, who denies wrongdoing, will step down as an F1 director pending the conclusion of a trial scheduled to start in Germany in late April, but will run the business on a day-to-day basis.
“The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the Chairman, Peter Brabeck-Letmathe, and Deputy Chairman, Donald Mackenzie,” the statement added.
After a the meeting on Thursday, Delta Topco’s board released the following statement: “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.”
“The board believes that 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.”
F1 Group is owned by Delta Topco, a Jersey based company owned by investment companies including CVC Capital Partners. (Reuters-Apex)
Subbed by AJN.