Christmas is a bit of a trial for Ecclestone

Saturday, 20 December 2014 00:00 - - {{hitsCtrl.values.hits}}

LONDON (Reuters) - Formula One supremo Bernie Ecclestone has revisited his German bribery trial in a mischievous Christmas card depicting himself handing over $100 million (64 million pounds) to a masked highwayman pointing a pistol at him. “This is not a robbery. I am collecting for the Bavarian state,” says the cartoon figure on horseback as Ecclestone holds the sack of money. In a further greeting inside the card sent to Reuters, Ecclestone adds another tongue-in-cheek comment: “Maybe now we can have a Formula One race in the really nice city of Munich, Germany.” Ecclestone paid $100 million in August under the terms of a settlement agreement with prosecutors to end the bribery trial in Munich. The agreement meant Ecclestone, now 84, preserved his innocence and was spared the prospect of a lengthy trial. He had one week to pay the money -- $99 million to the state and $1 million to a children’s charity -- and did so. Ecclestone had been accused of channelling cash to jailed BayernLB banker Gerhard Gribkowsky to smooth the sale of a major stake in Formula One to private equity fund CVC, now the largest shareholder in the business.

Bernie Ecclestone back on F1 board

Bernie Ecclestone’s control of Formula One was fully restored on Thursday after overcoming court cases that threatened his grip on the motorsport series.

The 84-year-old Ecclestone stepped down as a board member of F1’s holding company this year while standing trial for bribery in Germany. The case was closed in August when Ecclestone made a $US100 million ($A108 million) settlement payment. Investment group CVC Capital Partner, F1’s controlling shareholder, announced in a statement on Thursday Ecclestone’s return to the board and his position as chief executive. CVC also said that former Ferrari chairman Luca di Montezemolo and Paul Walsh, the former chief executive of drinks giant Diageo, will become non-executive directors from January. Ecclestone built his powerbase in F1 from the 1970s and helped to create the Formula One Constructors’ Association that controlled the business side of the series, including selling the TV rights. The British-based company later became known as Formula One Management. It has fought regular tussles with the teams over finances, but has retained control of the global motor racing extravaganza.