F1 Madness

Tag: bernie ecclestone

  • FIA Concorde Agreement signed and in force

    FIA Concorde Agreement signed and in force

    The FIA has announced that it has finally put pen to paper on a new Concorde Agreement with the Formula 1 Group.

    The agreement reached by the FIA and the Formula 1 Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013 – 2020, has now come into force, following the approval of the respective governing bodies of the signatory parties.

    Here is the agreement as published by the FIA:

    This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA in the Motor Sport.  The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams.  The agreement lays down solid foundations for the further development of the FIA Formula One World Championship.

    Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement.

    FIA President Jean Todt said: “We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship.  The FIA looks forward to continuing to fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come.”

    Bernie Ecclestone, CEO of the Formula 1 Group, added: “I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded”.

  • Suzuka to keep Japanese Grand Prix until at least 2018

    Suzuka to keep Japanese Grand Prix until at least 2018

    Suzuka will remain on the Formula 1 calendar until at least 2018 following the signing of a new contract with F1 Supremo Bernie Ecclestone.

    Ecccelstone met with Suzuka president Hiroshi Soda in London this week to agree to the terms of a new five-year deal which starts in 2014.

    This means that Honda, the Japanese car manufacturer which owns the Suzuka circuit, will get a home race when it returns to F1 as engine supplier for the McLaren F1 team in 2015.

    Ecclestone told Autosport, “It is great to see Honda back in F1 in 2015. I am sure that the Japanese Grand Prix will attract greater attention than ever.”

    Suzuka remains a favourite amongst racing fans and drivers alike so it’s good to see it remain on the calendar despite previous concerns around the fact that the Japanese Grand Prix gets no investment or backing from the Japanese government.

    Suzuka president Soda told Autosport that it made financial sense to still have the Japanese GP at the circuit.

     

    Photo By Morio (Own work) [CC-BY-SA-3.0], via Wikimedia Commons

     

  • F1 supremo Bernie Ecclestone formally indicted

    F1 supremo Bernie Ecclestone formally indicted

    Formula One chief, Bernie Ecclestone, has been formally indicted by German prosecutors investigating allegations of bribery.

    The charges relate to allegations of bribery against Ecclestone and in the wake of the German banker, Gerhard Gribkowsky – who Ecclestone is accused of bribing, being sentenced to 8 and a half years in prison after being convicted of breach of trust, tax evasion and bribery for the £28 million received from Ecclestone during the sale of Formula One in 2005.

    Ecclestone confirmed receiving the indictment on Wednesday, telling the Financial Times, “I have just spoken to my lawyers and they have received an indictment. It’s being translated into English.”

    Ecclestone has always maintained his innocence and said that they will be defending the indictment. “We are defending it properly,” he said. “It will be an interesting case. It’s a pity it’s happened.”

    He has admitted making the payments to Gribkowsky but has always maintained that he had been threatened with blackmail. Ecclestone previously told the Munich state court that he felt pressured into the payment in 2006 because he was worried that Gribkowsky would report him to British tax authorities.

    Ecclestone also confirmed that the prosecutors are “alleging I bribed someone” but continues to say he did “nothing illegal”.

    In December last year, Ecclestone told the Sunday Telegraph that if he was charged, he would likely be removed from his position. “It [the CVC] will probably be forced to get rid of me if the Germans come after me. It’s pretty obvious, if I’m locked up.”