"At 31, Horner became the youngest....and has since formed a close friendship with Ecclestone."
Oh, that xplains a thing or two, doesn't it?
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lol.xpensive wrote:"At 31, Horner became the youngest....and has since formed a close friendship with Ecclestone."
Oh, that xplains a thing or two, doesn't it?
Those who predicted that CVC will not bow to the pressure of a criminal investigation have been wrong. Bernie has been forced to step down from the board, his deals will all be subject to confirmation and approval by the remaining board members from CVC. If he is found guilty of bribery as I expect he will be formally dismissed by CVC. At least that was promised by his boss in the last trial at the high court. This is the beginning of the end of Bernie IMHO. =D>phillippe wrote:While CVC may be a controlling shareholder, in ventures of these kinds, it is highly unlikely that the minority shareholder (Bernie) would not have affirmative voting rights over an extensive set of matters, including over his own appointment or removal as CEO. Affirmative voting rights mean that despite having majority voting power, decisions in respect of those matters over which the minority shareholder has affirmative voting rights, cannot be taken without the consent of the minority shareholder. Given Bernie's track record, it is inconceivable that he got into bed with CVC without these super blue pills. So, it is highly unlikely that Bernie will go at least on account of pressure from CVC or its investors.
http://www.worldcarfans.com/11401166885 ... ry-chargesBernie Ecclestone has stepped down from his position at Delta Topco
following an indictment on bribery charges in Germany.
Despite stepping down, Ecclestone will still run day-to-day operations.
As Delta Topco explained, "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." However, we will be "subject to increased monitoring
and control by the Board."
http://www.formula1-dictionary.net/admin_force.htmlThe Formula One Group is owned ultimately by Delta Topco, a Jersey-based company owned by CVC
Capital Partners' funds (approximately 70%) and JPMorgan (approximately 20%). Delta Topco owns
other Formula One businesses which are referred to in the same way. Delta Topco Limited is the
holding company of the Formula One group. The Formula One Group companies are subsidiaries
of Formula One Holdings (FOH), Itself a subsidiary of SLEC Holdings
(SLavica ECclestone, Bernie's ex wife)
It is worth noting that until recently the shareholdings in Delta Topco Ltd (Jersey) were as follows:
* Five CVC funds collectively own 63.3 percent of the business;
* LBI Group Inc (a Lehman Brothers company) owns 15.3 percent;
* Bambino Holdings (an Ecclestone Family company) owns 8.5 percent;
* Bernie Ecclestone owns 5.3 percent;
* JP Morgan Whitefriars Inc owns 3 percent;
* Churchill Capital Ltd owns 0.7 percent;
Yup. Didn't Vladimir Putin do something similar a while back? Although he is not as powerful as Bernie......It's really easy to assign a 'new' or temporal CEO
Yeah, F1's found Bernies replacement, its just as small, obnoxious and scary!!!!!!!!adrianjordan wrote:Let's inject some humour into this thread...
http://www.youtube.com/watch?v=Ahg90HABOy4
hahahaha good ol' bernie. you old fox. he has his humor tho.Blanchimont wrote:Some bits from an interview of Bernie with German newspaper Handelsblatt( http://www.handelsblatt.com/unternehmen ... 39358.html ).
Handelsblatt: Will you step down, if you lose the topical trial in London against Constantin Medien?
Bernie: Why should i? That's not neccessary. Constantin Medien want compensation, if they win they'll get the money.
H: Will you really appear at the trial in Munich?
B: I think i have to, probably i've got no other choice. BTW, I like Munich, it's a really nice city.
I am not so sure that Bernie will be out unless he goes to prison of course.WhiteBlue wrote:It looks bleak for the trial in Germany. Bernie has been kicked out of all his director positions in the formula one group according to documents from company house seen by Joe Saward, according to his blog. Bernie is indicted and has to stand trial before the same judge who called his behavior criminal in the trial against Griebkowski. Now a UK high court judge confirms the view of the legal system that Bernie is indeed guilty of bribing officials in order to steer the sale of the TV rights towards CVC who had a cozy deal with him to keep him in power. My prediction is that we will see Bernie fall from grace before the season is over and he will be done with F1.