user icon
user icon

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)

Replies (0)

Login to reply

GB F1 70th Anniversary Grand Prix

Local time 

GB F1 70th Anniversary Grand Prix

Local time 

Related news

Test calendar

Circuit de Catalunya - Winter testing

Circuit de Catalunya - Winter testing

See full test schedule

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

World Championship standings 2020

Show full world champion standings

Formula 1 Calendar - 2020

Date
Grand Prix
Circuit
-
Spain
-
Spain
3 - Jul 5
Austria
10 - Jul 12
Austria
17 - Jul 19
Hungary
31 - Aug 2
United Kingdom
7 - Aug 9
United Kingdom
14 - Aug 16
Spain
28 - Aug 30
Belgium
4 - Sep 6
Italy
11 - Sep 13
Italy
25 - Sep 27
Russian
9 - Oct 11
Germany
See full schedule

Formula 1 Calendar - 2020

Date
Grand Prix & Circuit
3 - Jul 5
Austria Red Bull Ring
10 - Jul 12
Austria Red Bull Ring
17 - Jul 19
Hungary Hungaroring
31 - Aug 2
United Kingdom Silverstone
7 - Aug 9
United Kingdom Silverstone
14 - Aug 16
28 - Aug 30
4 - Sep 6
Italy Monza
11 - Sep 13
Italy Mugello
25 - Sep 27
Russian Sochi Autodrom
9 - Oct 11
Germany Nurburgring
See full schedule
show sidebar