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Shareholders Still Supports F1 supremo Bernie Ecclestone

Shareholders Still Supports F1 supremo Bernie Ecclestone

Majority shareholder of the Formula One Group, CVC, choose to “watch and wait” bribery-related cases being attacked President and CEO of F1, Bernie Ecclestone.

Previously, German prosecutors indict Ecclestone bribery. The charges relate to the payment of 44 million U.S. dollars to a German banker, Gerhard Gribkowsky, from Bayern Landesbank (BayernLB) related to the sale of shares of Formula 1. Ecclestone party has six weeks to respond, since the indictment was launched last week.

Last week also, CVC issued a formal statement will monitor this case. This week, the source of the CVC told the Daily Telegraph that they support the 82-year-old British entrepreneur is.

Suppose after going through the legal process he is proven guilty, Ecclestone leadership must be willing to remove the seat. The next question is, who is the best candidate to fill the position place?

Sources Daily Telegraph stated that Ecclestone replacement will likely come from outsiders. Formula 1 currently has 313 staff and 10 senior managerial positions. None of them are worthy to replace Ecclestone.

“This business is too small to have a replacement candidate from within. Successor will almost certainly come from outside,” said the source.

Red Bull Racing boss Christian Horner is one of the so-called replacement candidate Ecclestone. However, most of the names come from the world outside of F1, including Sainsbury’s CEO Justin King and former M & S boss Sir Stuart Rose.

“I do not know if companies such as Sainsbury’s boss could do my job. Maybe he could,” Ecclestone told the Guardian newspaper last April, when the King entered the name as a candidate.

However, it seems that the shareholders are not in a hurry to find a replacement candidate.

“The reality is that Bernie is running a business and he is much better understand what was going on than us,” continued the source of the CVC. “We clearly have an important role for our shareholders, but we do not run this business, day after day, in detail.”