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F1 an 'extreme difficult investment' - CVC official

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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Date
Grand Prix
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Bahrain
29 - Mar 2
Bahrain
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Saudi Arabia
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22 - Mar 24
Australia
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Japan
Circuit Suzuka
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China
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Spain
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28 - Jun 30
Austria
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United Kingdom
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Hungary
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26 - Jul 28
Belgium
Spa-Francorchamps
23 - Aug 25
Netherlands
Circuit Zandvoort
30 - Sep 1
Italy
Monza
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Azerbaijan
Baku City Circuit
20 - Sep 22
Singapore
Marina Bay Street Circuit
18 - Oct 20
United States of America
Circuit of the Americas
25 - Oct 27
Mexico
Autodromo Hermanos Rodriguez
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Date
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Bahrain Bahrain International Circuit
29 - Mar 2
Bahrain Bahrain International Circuit
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Saudi Arabia Jeddah Street Circuit
22 - Mar 24
Australia Albert Park
5 - Apr 7
Japan Circuit Suzuka
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China Shanghai International Circuit
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Italy Autodromo Enzo e Dino Ferrari
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Netherlands Circuit Zandvoort
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Italy Monza
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Azerbaijan Baku City Circuit
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