Zoom Ecclestone’s position as CEO seems safe

We reported yesterday that CVC Capital, the majority owner of the commercial rights to Formula One, was considering removing Chief Executive Bernie Ecclestone from the helm as a result of the ongoing breakaway threat from the Formula One Teams' Association. Such a result could be financially disastrous for the private equity firm.

Today this alleged threat seems wide of the mark with co-founder and Managing Partner of the firm, Donald MacKenzie, denying that meetings took place last week in an attempt to oust Ecclestone.

"There was no meeting at any time last week… to discuss Bernie's future," MacKenzie told the Telegraph. "And to suggest that his position is in doubt is incorrect. "

Ecclestone himself told the same publication that he was perplexed by the rumours but suggested that the source may have been from a ‘malicious source.’

Meanwhile, CVC has reached an agreement with the bankrupt Lehman Brothers investment bank over their stake of 15 percent in the commercial aspects of the series the Financial Times reports.

The business newspaper claims that CVC had being trying to ‘seize’ the assets following Lehman’s demise last year. A settlement is expected to be announced this week by the bankruptcy courts in the US.

Earl ALEXANDER
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