Could the future of F1 be in trouble thanks to the Midget?

[motormania]

Was chatting to someone today who says that a lot of the 'business interests' that Bernie has tied up with F1 are in his wife's name! With the lady about to divorse the midget, who has control over those assets?

Apparently it's being hailed as the most expensive divorse in legal history with a potential payout of over $1 billion.

Interesting to see how this one plays out.

[flemke]

motormania said:

Was chatting to someone today who says that a lot of the 'business interests' that Bernie has tied up with F1 are in his wife's name! With the lady about to divorse the midget, who has control over those assets?

Apparently it's being hailed as the most expensive divorse in legal history with a potential payout of over $1 billion.

Interesting to see how this one plays out.

Bernie & family & family trusts now own a fraction of Formula One Management or Adminsitration or Delta Topco or whatever the umbrella organisation is called this week. The estimates I've seen recently range between 5.3% - 10% ownership. The business is controlled by a private investment fund, CVC, which is unrelated to Ecclestone.
Ecclestone's divorce would have no direct effect on F1.

[stifler]

Hasn't the divorce been called off for the forseeable future?

[FourWheelDrift]

Oh what a tangled web he's weaved.



She has Petara, plus SLEC is named after her (guess who has control there too). Bernie transferred his shares in F1's rights-holding company 13 years ago.

[Rude-boy]

I think I said this at the time and I still think I'm right now.

The 'divorce' has nothing to do with the relationship between Bernie and his wife.

It's business.

[skinny]

has he made it so complicated just so that no-one knows what's really going on, and he can continue to be 'in charge'? i just find the whole structure totally confusing and convoluted. what would happen to CVC if FOTA broke away and made their own GP series?

[flemke]

FourWheelDrift said:

Oh what a tangled web he's weaved.

I believe it's become further entangled since that chart was composed:

Formula One Group website said:

The Formula One Group is a group of companies responsible for the promotion of the FIA Formula One World Championship and exploitation of the sport's commercial rights. The Group is owned ultimately by Delta Topco, a Jersey–based company owned by CVC Capital Partners' funds (approximately 70%) and JP Morgan and Lehman Brothers (approximately 20%). Bernie Ecclestone's family trust owns the remainder apart from small shares held by financial advisers and Ecclestone himself.

"Formula One Group" strictly refers to Formula One Management, Formula One Administration and Formula One Licensing BV, which are subsidiaries of the Formula One Holdings holding company. However Delta Topco owns other Formula One businesses which are referred to in the same way.

( http://1-f.com/formula_one_group.php )

Suffice to say that, even though Bernie took his own (actually, everybody else's) money out a number of years ago, he's still the organ grinder.

[andygo]

flemke said:

FourWheelDrift said:

Oh what a tangled web he's weaved.

I believe it's become further entangled since that chart was composed:

Formula One Group website said:

The Formula One Group is a group of companies responsible for the promotion of the FIA Formula One World Championship and exploitation of the sport's commercial rights. The Group is owned ultimately by Delta Topco, a Jersey–based company owned by CVC Capital Partners' funds (approximately 70%) and JP Morgan and Lehman Brothers (approximately 20%). Bernie Ecclestone's family trust owns the remainder apart from small shares held by financial advisers and Ecclestone himself.

"Formula One Group" strictly refers to Formula One Management, Formula One Administration and Formula One Licensing BV, which are subsidiaries of the Formula One Holdings holding company. However Delta Topco owns other Formula One businesses which are referred to in the same way.

( http://1-f.com/formula_one_group.php )

Suffice to say that, even though Bernie took his own (actually, everybody else's) money out a number of years ago, he's still the organ grinder.

Don't think he will be organ grinding tonight......

Maybe his teeth though.

http://www.telegraph.co.uk/news/newstopics/celebri...

Edited by andygo on Wednesday 11th March 17:48

[AJI]

Wonder if this divorce has anything to do with Spanky and his many years of prostitute orgies?

I am guessing Spanky might have invited the little grey haired ewok to an orgy or two? (maybe?)

[Derek Smith]

skinny said:

what would happen to CVC if FOTA broke away and made their own GP series?

That has me intrigued as well. I asked, and received, an explanation on here some time ago but, unfortunatly, it was a language that looked like English, used the same words and grammar, but each word had a totally different meaning.

What sparked my query was the note, almost an afterthought, on an FiA (Mosley of course) press release that said that the FiA would not stand in the way if the manufacturers decided to go it alone. I thought, perhaps, it was a further example of the falling out of the big two. Or do I mean the big and little two?

[flemke]

Derek Smith said:

What sparked my query was the note, almost an afterthought, on an FiA (Mosley of course) press release that said that the FiA would not stand in the way if the manufacturers decided to go it alone.

So long as they were to go it alone whilst still under FIA regulation!

[german tony]

How's this:-

Bernie takes a load of cash from a TV company in return for some control over F1. Said TV company goes bust & the banks take over & sell to CVC.

Meanwhile Bernie's put some control structures in the name of his Mrs just in case.

The companies CVC have are stuggling to finance their debt so look like the might be going under, especially if they are forced to give the teams/circuits the cash they need to survive.

Mrs Ecclestone's companies would go bust in the process surely?

Thus, get divorced from her, letting her take the rap for the cock-up & Bernie's not been banned from having any new companies & can start all over again.

The bit I'm not sure of is why CVC have just given him (& Paddy thing etc) a bigger share of the owning Co of F1.

Is it an attempt to stop Bernie letting it go bust?

+ anyobody else think the former Mrs E has sod all chance of getting her hands on any of the cash?

Edited by german tony on Thursday 12th March 14:29