London: Bernie Ecclestone, the chief executive of Formula One, has given his strongest indication yet that he is preparing the way for his departure from the sport he has dominated for almost four decades.
The 83-year-old, who will go on trial in Munich at the end of next month on bribery charges, changed his line on his future yesterday (Monday), after insisting in recent months that despite multiple legal proceedings it was “business as usual”.
Ecclestone admitted for the first time in a newspaper interview that the case in Germany has left him unable to devote what he “normally would do” to running F1. He also expressed his frustration with a High Court judge in London, who said he was an “untruthful witness”, fearing it might affect his trial in Munich. The judge said Ecclestone was unreliable and had paid a bribe to a German banker working on the sale of Formula One to CVC Capital Partners in 2006.
When Ecclestone was indicted by German prosecutors in January, he stood down from Formula One’s board but retained control on a “day-to-day basis”, claiming: “Nothing has changed.” However yesterday he told the Financial Times: “I’ve been spending time on this [civil] case and to spend time on Munich I am not able to give what I normally would do, 24/7, to the business. I’ve been looking, over the last few years, for somebody who can join me. I will eventually be in a position, if I decide to retire — or unfortunately become dead — to have someone to step into my shoes.”
Something of a campaign has emerged for Red Bull team principal Christian Horner to be installed as his successor, one which has been vigorously supported by Ecclestone himself, but it is widely thought once he does move aside the sport will have a more committee-style management structure.
Justice Newey dismissed the civil action brought by German media group Constantin Medien last month. But the board of CVC has come under pressure to sack Ecclestone following the judge’s comments about bribery. Donald Mackenzie, CVC’s chief executive, said last year that if Ecclestone were found guilty he would be fired.
But a source close to the board told The Daily Telegraph that Justice Newey’s “opinion” will not affect their decision and they await the outcome of the German trial, due to start on April 23. A spokesman for CVC declined to respond to Ecclestone’s comments yesterday.
Ecclestone, for his part, said: “I was a little disappointed at the judge’s remarks but I understand he was in a difficult position because of the lack of evidence in front of him.” Some of the teams and senior figures on the board which runs Formula One have privately expressed concerns about Ecclestone’s position, with some investors concerned about compliance issues.
