Skip to content

Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Ecclestone steps down from F1 board, keeps day-to-day role

Facing bribery charges, Bernie Ecclestone, chief of Formula One racing, has stepped down from the board of the company that runs the sport, Delta Topco, until the case concludes.

Ecclestone will continue to run the sport franchise on a day-to-day basis, but he will cease being the board’s director and be subject to increased monitoring and control by the board during the duration of the litigation.

Ecclestone is accused of giving a $45 million (£27.5 million) bribe in 2006 to a German banker who is serving a jail sentence for receiving the payment. Prosecutors allege that the payment to Gerhard Gribkowsky was to ensure that F1 was sold to a private equity group of Ecclestone’s choosing and allow Ecclestone to retain control of the sport.

Ecclestone admits paying Gribkowsky, but he denies bribery and argues that he was the victim of blackmail because Gribkowsky threatened to reveal false details of his tax affairs.

The trial is scheduled to begin in late April.

______

Julie DiMauro is the executive editor of FCPA Blog and can be reached here. 

Share this post

LinkedIn
Facebook
Twitter

Comments are closed for this article!