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Post by QPR Report on Jul 12, 2009 15:51:01 GMT
Sunday Telegraph
Bernie Ecclestone's future at top of Formula One in doubt CVC Capital Partners, the private equity firm that owns Formula One's commercial rights, met earlier this week to discuss whether to part company with Bernie Ecclestone, The Sunday Telegraph understands. By Tom Cary Published: 11:59PM BST 12 Jul 2009 In the balance: Bernie Ecclestone's future has been discussed by CVC Capital Partners, the private equity firm that owns Formula One's commercial rights Photo: AP Worried by the chaos swirling around the sport – which has seen eight rebel teams, including Ferrari and McLaren, threaten to form their own breakaway series – board members including Sir Martin Sorrell, chief executive of WPP, and Peter Brabeck, a high-powered figure at Nestle, met in London on Tuesday to decide on a plan of action. Sources close to CVC say that in the meeting it was proposed that Ecclestone, the chief executive of Formula One Management, should be 'moved upstairs' and given an honorary role within Formula One's holding company, in recognition of his contribution to the sport. Ecclestone declined to speak to this newspaper last night. Formula One rebel teams reject compromise and push on with plans for breakaway seriesCVC's net debt stands at more than $2 billion after its leveraged buyout of the sport in 2006, and with annual interest payments amounting to more than $200 million the company cannot afford to lose its prize asset or face a costly legal battle in a bid to regain control of it. Sorrell and Brabek, who are both Jewish, are also known to be furious about an interview given by Ecclestone to a British newspaper last weekend, in which he praised Adolf Hitler's ability to "get things done". Sorrell allegedly forced Ecclestone to engage his own PR company, Finsbury, who drafted the apology that Ecclestone issued in the same newspaper earlier this week and in which the 78 year-old called himself "an idiot". Sorrell also advised Ecclestone not to attend the German Grand Prix weekend, advice which the latter ignored. CVC is now taking matters into its own hands in an attempt to end the uncertainty clouding the sport. It is taking an active role in helping to oversee the final stages of negotiations regarding a new Concorde Agreement – the legal contract between the teams, the governing body and FOM – which could be signed as soon as Wednesday. The plan is then to present a final draft to FIA president Max Mosley and make him an ultimatum. Either he accepts it and the teams compete under the FIA banner or they leave and race in their own series. CVC is desperate to see the back of Mosley, with whom the Formula One Teams' Association will no longer work, and have been applying pressure on Ecclestone to convince his old ally to fulfil his promise to step down this autumn. Mosley agreed to do so in a meeting with FOTA in Paris on June 24, however he has since said that he is keeping his options open, leading to the current impasse. www.telegraph.co.uk/sport/motorsport/formulaone/f1news/5805971/Bernie-Ecclestones-future-at-top-of-Formula-One-in-doubt.html
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Post by QPR Report on Jul 12, 2009 15:54:54 GMT
Sunday Times
Pressure builds on Bernie Ecclestone to goFormula One’s commercial rights-holder is in danger of losing his grip on the sport as the teams begin to show a united frontMark Hughes WITH Max Mosley expected to confirm later this week that he will not stand for re-election as president of the FIA, motor sport’s governing body, questions are now being posed over the future of his long-time partner in Formula One, Bernie Ecclestone, commercial ringmaster of the sport for the past 30 years. Like Mosley, Ecclestone is reluctant to go, but increasing pressure from a variety of sources is beginning to form serious cracks in their previous overwhelming power base. Ecclestone’s controversial Hitler comments in a recent interview last week have hastened the pressure on him to quit. Ecclestone, inset, was controversially awarded the commercial rights to F1 by the FIA under Mosley’s stewardship in 2001 for 100 years. He in turn sold these rights to the private equity firm CVC in 2006 and remained on board as the sport’s de facto commercial boss. However, Ecclestone has been bypassed in recent negotiations between the teams and CVC, whose management has been increasingly hands-on since the dissident eight teams that comprise Fota announced three weeks ago that they intended to form a breakaway championship, a move that would potentially render CVC’s $3 billion investment to date worthless. Without the eight teams — 80% of the current grid — the private equity company is in danger of owning the rights to something with not sufficient teams to be a credible championship. The teams have been using their unified position and their contractual situation to negotiate better terms, backing that up with the threat of the breakaway championship. The announcement of that championship — at Silverstone three weeks ago — triggered CVC into a more direct approach. It was their pressure, exerted via Ecclestone, that led to Mosley agreeing to the teams’ terms in principle, one of which was that Mosley would not stand for re-election in October. Mosley’s subsequent apparent about-turn only a day later displeased CVC immensely, as they viewed it as a very serious threat to their investment. Mosley’s subsequent power games with the teams has brought the realisation that he, and not the teams, is the source of CVC’s problem. The long-established hand-in-glove style of Mosley and Ecclestone, as well as Ecclestone’s Hitler comments, have led CVC to question whether they would be best served by relying on them to represent their interests. The teams are now on the verge of a commercial agreement with CVC to remain in F1 for the remainder of CVC’s contract, conditional upon governance terms, including the non-standing of Mosley, being met. Ecclestone, who will be 79 in October, is determined to retain his place in the commercial driving seat, but there are whispers that he will be asked by CVC to stand down at the end of this year. His rumoured replacement is his friend and partner in QPR football club Flavio Briatore, 59 and currently team principal of the Renault team. In his role as commercial director of Fota, Briatore has played a critical bridge-building role between the teams and CVC in recent weeks. Briatore has much of Ecclestone’s business nous but is much more of a showman. He has long bemoaned how little F1 does for its fans and the sport under his influence would feature rather more razzmatazz. He has been a huge advocate of cost controls in F1 and in this respect his philosophy is very much of the moment. Ecclestone and Mosley have guided F1 for the past two decades and the prospect of them stepping down would signal the end of an era. But their divide-and-conquer modus operandi seems finally to have met its match in the form of a united front from the teams. Although the teams are as yet uncertain as to what twists and turns might still lie between where they are now and a final agreement, F1 stands on the verge of a less entrepreneurial, more managerial and transparent future. www.timesonline.co.uk/tol/sport/formula_1/article6689736.ece
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Post by QPR Report on Jul 12, 2009 19:35:53 GMT
(In case anyone needs their services/can afford them:) This presumably is the PR firm mentioned in articles, Finsbury Ltd - www.finsbury.com/
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Post by QPR Report on Jul 13, 2009 7:35:36 GMT
Not!Telegraph/Tom Cary
Move against Formula One supremo Bernie Ecclestone is denied Donald MacKenzie, the managing partner of Formula One's commercial rights holder CVC Capital Partners, has denied that a meeting took place last week in which Bernie Ecclestone's future in the sport was discussed. The fact that MacKenzie, a figure who seldom says anything on the record, is speaking out in support of Ecclestone would appear to suggest that a line has been drawn under the episode and his position is secure for now. However, sources close to the private equity firm have stood by claims made in Telegraph Sport to the effect that senior board members discussed moving the 78 year-old into an honorary role. "There was no meeting at any time last week between Sir Martin Sorrell [chief executive of WPP] and Peter Brabeck [chairman of Nestle] to discuss Bernie's future," MacKenzie said. "And to suggest that his position is in doubt is incorrect." Ecclestone said: "I can't understand where that information could have come from, although it is obviously from a malicious source." However, a sources close to CVC, whose net debt stands at more than $2 billion following its leveraged buy-out of the sport in 2006, said: "There is no question that extensive meetings took place in London in the middle of last week between [F1] team lawyers and CVC's lawyers and there is no doubt that Ecclestone's future position within F1 was discussed. It is coming from too many directions now to be untrue." The Formula One Teams' Association is dealing directly with CVC now as it tries to tie down the new Concorde Agreement, the legal contract that binds the teams and Formula One Management. Once ready, it is understood that it will be presented as a take-it-or-leave agreement to Max Mosley, the FIA president, who is vacillating over whether or not to stick to his promise to stand down. "Max will be happy when the Concorde Agreement is signed," Ecclestone said. "I'm sure then he will take his holiday and not stand for re-election. He would have no reason to stay." www.telegraph.co.uk/sport/motorsport/formulaone/5812158/Move-against-Formula-One-supremo-Bernie-Ecclestone-is-denied.html
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Post by QPR Report on Jul 13, 2009 7:37:11 GMT
Press Association
ECCLESTONE GOING NOWHERE
By Ian Parkes, Press Association Sport, NurburgringBernie Ecclestone has rubbished rumours he is to 'move upstairs' in the wake of a turbulent time for the Formula One supremo. Ecclestone came in for considerable criticism following recent remarks seemingly praising former Nazi leader Adolf Hitler, and some critics believe that, at the age of 78, it is perhaps time for him to take a backseat in the sport. There have also been suggestions he has lost his touch around the negotiating table given the FIA-FOTA war that has raged for more than two months. It is known FOTA have spent considerably more time dealing with CVC, Formula One's commercial rights holder, than with Ecclestone himself in recent weeks in an attempt to resolve the matter. But a defiant Ecclestone said: "Any story suggesting I'm going anywhere is completely untrue. I don't know where they came from." Donald MacKenzie, managing partner at CVC, further supported those remarks and praised Ecclestone for the role he plays, even if the comments about Hitler have soured his standing of late. "Bernie Ecclestone will remain in his post," asserted MacKenzie. "There's no question of moving him into an honorary position or upstairs. There has never been any doubt about that. "There have been no meetings to discuss it either. Bernie knows me well enough to know his position is not under threat. He runs the business and does so very well. "We did not like what he said about Hitler.He knows that and it was dealt with. That's the end of the matter. There never was anything more to it than that." Ecclestone is firmly of the belief the battle between motor sport's world governing body and the eight teams that comprise FOTA will be resolved within days. A new Concorde Agreement - the confidential document that governs the commercial side of the sport -- is almost ready for the FIA to sign, the proviso being that FIA president Max Mosley issues a cast-iron guarantee he will not run again for a post he has held for the last 16 years when his current mandate ends in October. Ecclestone confirmed over the weekend that Mosley is an honourable man, and that he will ultimately do the right thing. With the matter seemingly close to being resolved - again - Ecclestone added: "I hope to have a Concorde Agreement in place by Wednesday. "Max will be happy when we have it sorted. He will have achieved everything he set out to achieve, including a new agreement and cost-cutting. "He will then be in a position to to do what he said he would do and step down." Further underlining his own position, Ecclestone added: "As for me, I'll be around for the future." www.sportinglife.com/others/news/story_get.cgi?STORY_NAME=others/09/07/13/AUTO_German_Ecclestone.html
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Post by Zamoraaaah on Jul 13, 2009 7:50:39 GMT
It looks like Flav will be his successor.
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Post by Markqpr on Jul 13, 2009 8:01:26 GMT
It looks like Flav will be his successor. Keep your eye on Alejandro.
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Post by QPR Report on Jul 13, 2009 9:27:49 GMT
So at the next QPR Board Meeting, everyone will keep their back against the wall!
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