By Paul Weaver/London
Formula One is coming face to face with the almost unthinkable: that it might have to negotiate the future without Bernie Ecclestone, the remarkable figure who has made it the second most popular sport in the world.
Ecclestone has gone from selling secondhand cars to building a multibillion-pound global empire, which he has run for almost 40 years. But all that could all come to an end following reports that he faces bribery charges over the sale of Formula One.
According to the Munich daily Sddeutsche Zeitung, Ecclestone faces charges in Germany relating to the Gerhard Gribkowsky bribery case. Investigations into the case are complete, according to the newspaper, and a Munich court is preparing to file charges in the case within a month, although there may be a delay as the details need to be translated into English before being delivered to Ecclestone’s lawyers.
Ecclestone has maintained his innocence throughout, but has already admitted that he would be forced to resign if charged. He said earlier this year that the sport’s owners, CVC Capital Partners, “will probably be forced to get rid of me if the Germans come after me. It’s pretty obvious, if I’m locked up.”
Ecclestone will be 83 in October and there have already been reports that CVC is putting together a shortlist of names as it ponders over his successor. “They said they had hired a headhunter to find somebody in the event that I was not going to be there if I was going to die or something,” Ecclestone said.
But a potential court case could force the private equity company and Ecclestone to act sooner rather than later. Nothing will happen immediately though. If the indictment goes ahead it will have to be endorsed by a judge before a trial can go ahead, according to German law.
Gribkowsky, formerly the chief risk officer at the German bank BayernLB, was jailed for eight-and-a-half years last year after confessing tax evasion and breach of trust towards his employer and being in receipt of corrupt payments.
He claimed Ecclestone paid him $44mn (29mn) to undervalue Formula One’s shares when the business was sold to CVC in 2006. Ecclestone said he paid the money to stop the German going to the tax authorities with “false evidence”.
Suddenly, F1 has more to think about than quick-wearing tyres. There is a shortage of candidates to replace Ecclestone, who is simply inimitable.
From the sport, the favourite would be Christian Horner, the most successful team principal of the modern era; he has won three double world championships in the past three years and is also closer to Ecclestone than any other team boss.
Justin King, the chief executive of Sainsbury’s and an avid motor racing fan, is thought to be another possibility. (Guardian News Service)