• News

F1 owners monitoring Ecclestone situation

ESPN Staff
July 18, 2013 « Young Driver Test Live | Talent can still beat money to F1 drive - Calado »
Bernie Ecclestone has been indicted in a bribery case © Sutton Images

Formula One's major shareholder, CVC Capital Partners, says F1's board will not take any immediate action after Bernie Ecclestone was indicted in a bribery case this week.

Ecclestone has been served with an indictment by a German court and is currently in the process of preparing a response with his lawyers. The indictment has led to speculation that he would have to stand down as the CEO of the Formula One Group, but CVC issued a statement saying it would "monitor" the situation over the coming weeks.

The statement read: "The Board of Formula One Group notes the following developments in Munich:

"Mr Ecclestone, CEO of Formula One Group has now received a bill of indictment, in English, from the Munich Regional Court.

"Mr Ecclestone has six weeks to provide a response to this bill of indictment, prior to a decision being made by the Court on opening proceedings.

"The Board will continue to monitor developments in this situation accordingly."

Ecclestone has always maintained his innocence in the case, arguing the allegations that he bribed Gerhard Gribkowsky are untrue and that he was actually being "shaken down" by the German banker.

It is alleged Gribkowsky, who is serving an eight-and-a-half year prison sentence, took a bribe from Ecclestone to undervalue shares during the sale of Formula One in 2005. Ecclestone argues that he only made a payment to Gribkowsky after the banker had threatened to go the UK tax authorities with false allegations over the way one of his family trusts was being run.