--
 
Renault's new Kadjar: Dare to live

Explore uncharted territory with the New Renault Kadjar. #DareToLive

Good debt vs bad debt: Get clued up!

A large percentage of South Africa is currently in debt and what is not always fully understood is that debt is not just debt.

Corruption: Todt backs Bernie

2013-06-01 08:10

FRIENDS IN HIGH PLACES: FIA president Jean Todt has backed Bernie Ecclestone (above) as the latter is preparing to be prosecuted for corruption. Image: AFP

PARIS, France - International Automobile Federaton president Jean Todt has backed F1 supremo Bernie Ecclestone, as German prosecutors prepare to charge the F1 chief executive for corruption.

It has been suggested Ecclestone will step down if he is charged or convicted but Todt has been quoted by DPA as saying: "He has every right to his job and he does it very well. He is also employed by CVC (sport's owners), so it is their decision."

'UP TO SPEED'

Todt might be standing firm with Ecclestone due to the turmoil the 82-year-old's departure would create. Paul Stoddart, former Minardi racing team owner, told Bloomberg News it could take years for Ecclestone's successor to "get up to speed".

"CVC is between a rock and a hard place," he said.  "If Bernie Ecclestone were forced to stand down,the Concorde Agreement (the legal backbone of F1) would be thrown into complete turmoil."

Ecclestone's legal troubles in Germany are believed also to be holding up CVC's plans to float F1 on the stock market.

CVC's Donald Mackenzie said: "Although the IPO market is better than it was a year ago,the company still has a few issues to sort out. It might happen this year (2013) or next but we're not in a big rush."


Read more on:    jean todt  |  bernie ecclestone  |  paris  |  formula 1

Inside Wheels24

Merc boss on duo crash: 'happens to us every two years'

Mercedes boss Toto Wolff believes his drivers learned from their Spanish GP crash and will not repeat it at the tight and twisty Monaco GP.

There are new stories on the homepage. Click here to see them.