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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 - 2022

Date
Grand Prix
Circuit
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Spain
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Bahrain
18 - Mar 20
Bahrain
25 - Mar 27
Saudi Arabia
8 - Apr 10
Australia
22 - Apr 24
Italy
6 - May 8
United States of America
20 - May 22
Spain
27 - May 29
Monaco
10 - Jun 12
Azerbaijan
17 - Jun 19
Canada
1 - Jul 3
United Kingdom
8 - Jul 10
Austria
22 - Jul 24
France
29 - Jul 31
Hungary
26 - Aug 28
Belgium
2 - Sep 4
Netherlands
9 - Sep 11
Italy
30 - Oct 2
Singapore
7 - Oct 9
Japan
21 - Oct 23
United States of America
28 - Oct 30
Mexico
11 - Nov 13
Brazil
18 - Nov 20
United Arab Emirates
See full schedule

Formula 1 Calendar - 2022

Date
Grand Prix & Circuit
18 - Mar 20
25 - Mar 27
Saudi Arabia Jeddah Street Circuit
8 - Apr 10
Australia Albert Park
22 - Apr 24
6 - May 8
United States of America Miami International Autodrome
20 - May 22
27 - May 29
Monaco Monte Carlo
10 - Jun 12
Azerbaijan Baku City Circuit
17 - Jun 19
1 - Jul 3
United Kingdom Silverstone
8 - Jul 10
Austria Red Bull Ring
22 - Jul 24
France Paul Ricard
29 - Jul 31
Hungary Hungaroring
26 - Aug 28
2 - Sep 4
Netherlands Circuit Zandvoort
9 - Sep 11
Italy Monza
30 - Oct 2
7 - Oct 9
21 - Oct 23
United States of America Circuit of the Americas
28 - Oct 30
11 - Nov 13
Brazil Interlagos
18 - Nov 20
United Arab Emirates Yas Marina Circuit
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