Ecclestone accused of paying bribe

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Bernie Ecclestone named in F1 bribery allegations

21 July 2011

Ahead of the German Grand Prix this weekend, Germany have caused a storm with the allegations accusing Bernie Ecclestone of bribing Gerhard Gribkowsky a Munich banker with over £27 million during the sale of the sport back in 2006. They also further claim that in return Ecclestone himself received a hefty £25.4 million in commission alongside £15.5 million paid to his family trust. Allegedly, the bribes were paid to the banker who was actually in charge of the sale of BayernLB Formula One stake and CVC Capital Partners, the private equity group that still own the commercial rights to the sport. Shortly after we saw Ecclestone appointed chief executive of the equity group and was able to remain in control of Formula One. Despite these allegations, we can still expect to see Ecclestone in Nürburgring at the Grand Prix this weekend, protesting his innocence he says

Of course why should I not go? Why would you arrest me? There's no reason

Ecclestone's approach to business has always been adverse and when you have the control over such a big corporation you're not always going to please everyone. German prosecutors say that Bernie remains under investigation but no doubt he'll come out of it smelling of roses, watch this space!