HomeNewsBusinessMotorsport

CVC to fire Ecclestone if guilty of corruption

CVC Capital co-founder Donald Mackenzie has revealed that the Formula One majority shareholder will fire Bernie Ecclestone should he be found guilty of corruption.

German media firm Constantin Medien is suing Ecclestone for more than $100 million in damages, as it allegedly lost out in the sale of Formula One when Ecclestone paid German banker Gerhard Gribkowsky to undervalue the sport. However, the 83-year-old claims that the payment was made as the now-jailed banker was the one bribing him.

Appearing at a hearing in London's High Court today, Mackenzie said according to Reuters: “If it is proven that Mr. Ecclestone has done anything that is criminally wrong, we would fire him.

“He told me that he had a meeting with one of his colleagues who had reminded him that he had made payments to Gribkowsky and he apologised for having forgotten this. He told me he had never lied to me and, I must say, that I had trouble believing you could forget payment of $40 million.”