Bernie steps down from Formula One Group
Bernie Ecclestone has left his post as a director of the F1 Group’s board. It comes after the announcement this morning from a Bavarian court in Germany that Ecclestone has been indicted on corruption charges with regards to the sale of Formula One to CVC in 2005. He will now stand trial in Germany at the end of April this year.
It has been decided that Ecclestone should leave his post as a director on a temporary basis until the proceedings have been completed. Ecclestone will still remain the CEO of the Formula One Group, and continue to run the business in the usual and normal manner.
A statement from CVC said: “After discussion with the Board, Mr Ecclestone has proposed and the Board has agreed that until the case has been concluded, he will step down as a director with immediate effect, thereby relinquishing his board duties and responsibilities until the case has been resolved.
“It is in the best interests of both the F1 business and the sport that Mr Ecclestone should continue to run the business on a day to day basis, but subject to increased monitoring and control by the Board. Mr Ecclestone has agreed to these arrangements.”