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Bribe scandal worries investors

2011-07-28 12:28

TROUBLED TIMES AHEAD?: Bernie Ecclestone has investors worried

Investors in F1's owner CVC Capital Partners are worried about the Gerhard Gribkowsky bribery scandal, the Financial Times reported.

The report said the investors called on the company to clarify the affair, with F1 chief executive Bernie Ecclestone accused of bribing Gribkowsky amid BayernLB's sale of F1 to CVC.

"There has not been much communication from CVC on F1 and we are slightly worried about it. We do not know more about this than what we read in the media," an unnamed investor said.

CVC said in January 2011 they had "no knowledge of, nor any involvement in, any payment to Mr Gribkowsky".  They had never been accused of wrongdoing.

REVOLT UNLIKELY

But reports said F1 managers and investors questioned CVC's apparently "paralysed" reaction to the scandal.

The investors were "angry that Donald Mackenzie, the company's management partner responsible for the deal, was not willing to replace Mr Ecclestone as chief executive of F1 Management".

But Mackenzie was "incensed" when he learned of the payments that moved between BayernLB and Ecclestone amid the sale of the commercial rights.

The investor said a revolt is unlikely.

"It is one of those cases where investors are willing to put up with a lack of communication as CVC has simply shown such great returns," he said.

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