Bernie Ecclestone out until bribery trial’s conclusion

Bernie Ecclestone says he will continue to run Formula One's day to day affairs despite stepping down from as the director of the holding company that controls the series until the conclusion of his trial on bribery charges in a Munich court. AFP PHOTO/CARL COURTShow less

Bernie Ecclestone is to step down as a director of Formula One’s holding company until court proceedings against the billionaire businessman are concluded.

Ecclestone is due to go on trial at Munich in April following allegations he bribed the German banker Gerhard Gribkowsky during negotiations relating to the sale of the sport in 2006. The 83-year-old Briton denies the allegations and intends to continue to run F1 on “a day-to-day basis”.

A statement from the holding company of the Formula One Group read: “The board of Delta Topco Limited has met today to discuss the decision of the Munich Court to commence proceedings against Mr Ecclestone.

“Mr Ecclestone has reassured the board that he is innocent of the charges and intends to vigorously defend the case which will commence in late April 2014.

“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.

“The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the chairman, Mr Peter Brabeck-Letmathe, and deputy chairman, Mr Donald Mackenzie.”

Elsewhere in F1, the Italian tyre-makers Pirelli are to supply Formula One cars for the next three years under the terms of a new contract signed with the sport’s governing body, the International Automobile Federation (FIA).

Following a turbulent season, it was announced late last year that Pirelli would remain as the sole supplier of tyres for the Formula One circuit.

The announcement that the agreement will stand for the next three years, further underlines the FIA’s confidence that Pirelli can iron out the safety problems that dogged them in 2013.

The season was marred by a succession of tyre blowouts, culminating at the British Grand Prix, which was almost halted mid-race due to the number of incidents.

“Pirelli will continue to determine the specification of the tyres and to manage all aspects of their development, in close consultation with the FIA and the teams,” the firm said in a statement.

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