Formula 1 boss Bernie Ecclestone has been indicted on bribery charges by German prosecutors and faces a trial in Munich which could end the motor racing magnate’s 40 year reign.
The 82-year-old Formula 1 supremo could face a long prison sentence after being charged by Munich prosecutors in relation to a $US44 million (A$47.8 million) payment he made to German banker Gerhard Gribkowsky which was linked to the sale of the Formula 1 rights in 2006. The case is set to go to trial at the Munich district court after mid-September and if found guilty, Ecclestone could go to jail which would bring down his Formula 1 organisation.
Gribkowsky has testified in court that he received the money to undervalue shares, however Ecclestone has previously denied that accusation. He says he paid the banker to keep quiet, because he was threatening to go to the UK tax authorities with false information.
Last month, Gribkowsky was sentenced in Munich to eight and a-half years in jail, but Ecclestone has always denied bribing the German to avoid a British tax inquiry into the sale of Formula 1, claiming he was blackmailed by Gribkowsky. Ecclestone, who has been at the pinnacle of Formula 1 for four decades, publicly said he was ready to defend himself and has no intention of resigning. His defence team has until the middle of August to challenge the charges of bribery and incitement to breach of trust, in connection with Gerhard Gribkowsky’s management of the BayernLB bank’s 47 per cent stake in F1.
Christian Horner, team principal of the world championship Red Bull outfit of Sebastian Vettel and Mark Webber, has already given his support, indicating that the sport will suffer should Ecclestone quit:
“Regardless of the situation, I think it’s absolutely right that he will continue. There is no-one better in the role than Bernie, even if nobody has a real idea of exactly what the role involves. The deals, which he still does, are outstanding and the main thing is he takes Formula 1 to new countries, which he does with passion and enthusiasm. Without him, we’d be in real trouble.” said Horner in a recent interview.
The flamboyant and at times controversial Bernie Ecclestone’s personal fortune is estimated to be around A$4.1 billion, after rising from a motor-enthusiast to become the most powerful man in Formula 1 when, in the late 1970s, he bought the television and marketing rights of the sport, catapulting the motor-racing mogul to the top of the Formula 1 empire.
