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F1 an 'extreme difficult investment' - CVC official

  • Published on 21 Nov 2013 08:51
  • comments 0
  • By: Rob Veenstra
Donald Mackenzie, the highest profile figure at F1 owners CVC, has described his investment in the sport as one fraught with "constant crisis". This week, the CVC co-founder, who has admitted a conviction for Bernie Ecclestone would mean the F1 chief executive's demise, has been testifying in the London high court. "Until that (a conviction) happens we will give him the benefit of the doubt," said Mackenzie, "provided it is not seriously damaging the business of formula one."

Ecclestone, who is also being pursued by German prosecutors, is being sued by a German media group called Constantin, claiming the 83-year-old's alleged bribe to banker Gerhard Gribkowsky cost it over $100 million. Mackenzie, 56, has often clashed with Ecclestone, possibly because CVC was caught by surprise by the sport's troubled inner workings. "It's been an extremely difficult investment almost from start to finish," he said, according to the BBC, adding that he thought Ecclestone had "oversold the business". "It was constant crisis and firefighting."

Mackenzie said CVC was also caught out by the political in-fighting between the sport's authorities and the teams. "In that period between 2006, when we bought it, and 2009, we could not sell this company," he said. "It was not sellable. No one wants to buy formula one when there's no Concorde Agreement signed. "There was a history of anger," explained Mackenzie. "This was like a very bad divorce. The husband and wife have been fighting each other for years and years and they could no longer see sense."

He also admitted to reporters outside court this week that the Ecclestone corruption affair had indefinitely delayed CVC's plans to float the sport. But, although those plans are delayed, Mackenzie said F1 is now in a much better state of affairs. "Thankfully we have agreed all these terms and we now have a stable series," he said. (GMM)

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Formula 1 Calendar - 2021

Date
Grand Prix
Circuit
-
Bahrain
26 - Mar 28
Bahrain
16 - Apr 18
Italy
7 - May 9
Spain
20 - May 23
Monaco
4 - Jun 6
Azerbaijan
18 - Jun 20
France
25 - Jun 27
Austria
2 - Jul 4
Austria
16 - Jul 18
United Kingdom
30 - Aug 1
Hungary
27 - Aug 29
Belgium
3 - Sep 5
Netherlands
10 - Sep 12
Italy
24 - Sep 26
Russian
8 - Oct 10
Japan
8 - Oct 10
Turkey
22 - Oct 24
United States of America
5 - Nov 7
Mexico
12 - Nov 14
Brazil
19 - Nov 21
Qatar
3 - Dec 5
Saudi Arabia
10 - Dec 12
United Arab Emirates
See full schedule

Formula 1 Calendar - 2021

Date
Grand Prix & Circuit
26 - Mar 28
16 - Apr 18
7 - May 9
20 - May 23
Monaco Monte Carlo
4 - Jun 6
Azerbaijan Baku City Circuit
18 - Jun 20
France Paul Ricard
25 - Jun 27
Austria Red Bull Ring
2 - Jul 4
Austria Red Bull Ring
16 - Jul 18
United Kingdom Silverstone
30 - Aug 1
Hungary Hungaroring
27 - Aug 29
3 - Sep 5
Netherlands Circuit Zandvoort
10 - Sep 12
Italy Monza
24 - Sep 26
Russian Sochi Autodrom
8 - Oct 10
8 - Oct 10
Turkey Istanbul Park
22 - Oct 24
United States of America Circuit of the Americas
5 - Nov 7
12 - Nov 14
Brazil Interlagos
19 - Nov 21
3 - Dec 5
Saudi Arabia Jeddah Street Circuit
10 - Dec 12
United Arab Emirates Yas Marina Circuit
See full schedule
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