German bank turns down £19.9m Ecclestone offer

F1 Fanatic Round-up

In the round-up: German bank BayernLB, which demanded $400 million [£238.4m] from Bernie Ecclestone after claiming he undervalued their stake in F1, has rejected his $33.5m [£19.9m] settlement offer.

Pre-order F1 2014 and support F1 Fanatic

You can now order your copy of Codemasters’ latest Formula One game, F1 2014, which goes on sale in October. By buying your copy via the Amazon links below you can also help support F1 Fanatic:

Read more about F1 2014 here:

F1 Fanatic earns a commission on products sold via the links to our affiliate partners above, however you are not charged any extra. See here for more information.

Links

Bernie Ecclestone, 2013Your daily digest of F1 news, views, features and more.

BayernLB says rejects Formula One boss Ecclestone’s settlement offer (Reuters)

“State-backed BayernLB claims Ecclestone collected unjustified commissions and undervalued its stake in the motor racing business when private equity fund CVC became Formula One’s largest shareholder eight years ago.”

Lowdon praise for Bianchi and Chilton (Crash)

“As ever, there’s 101 different influences on teams and driver preferences and the same with the drivers as well. So in terms of the line-up for next year we typically leave that until December time and see where we get to and focus entirely on trying to keep our place in the championship for the rest of this season.”

Ancora su LCDM (Quotidiano, Italian)

Thoughts on the rumours in Italy which suggest Ferrari president Luca di Montezemolo could step back from his role relating to the F1 team to head up the alliance between Italian airline Alitalia and Etihad of Abu Dhabi (which in June he spoke of having a “big passion” for), handing over his current duties to Fiat chairman John Elkann.

Ferrari’s Dilemma: It Can’t Win, But It Can’t Stay Home – The Big Picture (Motor Trend)

“Montezemolo hates losing. But despite his grousing, Ferrari’s not quitting grand prix racing. Thanks to a long-standing sweetheart deal, Ferrari is handed 2.5 percent of the F1 prize pool­ – reportedly $17.5 million last year – ­before any other team gets paid a dime.”

Ecclestone must now tackle F1 problems and his legacy (Oman Daily Observer)

“Dieter Zetsche, chairman of the board of Daimler who run the Mercedes team, called on Ecclestone to share his power. ‘In which company must the boss do everything?’ Zetsche asked in an interview with the Frankfurter Allgemeine Zeitung last month, calling for instance for a professional to be in charge of social media marketing. Zetsche added that ‘we need changes and developments in this respect, regardless of the leadership.'”

Comment of the day

Is F1 starting to become too expensive even for some of its most dedicated fans?

I’ve been following F1 for years but there’s no way I’m going to pay hundreds of pounds for general admission tickets to a GP so I can spend the weekend sitting on a bit of grass, fighting for a limited view of the track, queueing for ages for the toilet, being charged stupid amounts of money for food and drink and that’s before we get to the issue of access to teams/drivers.

Every year I check out the Silverstone website for the ‘early bird’ offers and every year I come to the same conclusion – why spend hundreds of pounds for me and the wife to go watch F1 for a few hours over three days when for the same money we can spend two weeks on the Isle of Man enjoying the TT.

TV audiences can be explained in a similar way, I cancelled my Sky Sports subscription a few weeks ago, not because I’m unhappy with the sport or the coverage Sky provide, I’m simply unwilling to pay almost £30 a month [actually closer to £50] to watch F1 so now I, like millions of other people, have decided to stream it for free.

I love F1 but I’m not willing to be ripped off by a sport that has completely lost touch with the fans and operates a business model that only benefits Bernie, CVC, and a couple of the big teams while screwing over most of the other teams, circuits and the fans.
@Beneboy

The latest Caption Competition winner will be chosen for tomorrow’s round-up so you have another 24 hours to submit your funniest suggestion here:

From the forum

Happy birthday!

Happy birthday to Wes!

If you want a birthday shout-out tell us when yours is via the contact form or adding to the list here.

On this day in F1

1994 F1 seasonBenetton found themselves embroiled in another controversial episode during the 1994 season on this day 20 years ago, when the FIA held them responsible for the fuel rig fire which engulfed Jos Verstappen’s Benetton during the German Grand Prix.

The sport’s governing body claimed the fire had been started because fuel was spilt from the nozzle due to Benetton removing a filter from the refuelling system without permission.

Image © Jamey Price/James Moy Photography

Advert | Go Ad-free

63 comments on German bank turns down £19.9m Ecclestone offer

  1. greg-c (@greg-c) said on 12th August 2014, 1:22

    @sato113

    Wow!
    One would think so

    If bernie is offering around 10% or less of what the Bank is saying they got shafted by then Bernie could still end up paying huge compensation and still do Gaol ?

  2. greg-c (@greg-c) said on 12th August 2014, 1:23

    One minute its over then next its back on ?
    Im not sure where this issue stands ?

  3. greg-c (@greg-c) said on 12th August 2014, 1:58

    On the issue of COTD by @ benneboy and the comments by ‘ sennas sandshoe’
    I must say it i dont see it as anything but @ keithcollantine giving folk a say with free and open debate,
    Just because its COTD doesnt automatically mean its getting F1F endorsement ,

    I enjoyed both comments as they made me think ,

  4. Neil Reid said on 12th August 2014, 17:08

    I see no compelling reason now to spend big money to see an F1 race. I’ve attended Montreal, Indy, and Austin. Montreal in the mid-90’s was pretty fun as you could actually get reasonably close to the cars, especially at the wall of champions. The V12 sound was glorious and you could hear them from a great distance when they were on the track. It’s intolerable that an F1 car is now powered by a six cylinder plus electric motors.

    I’ve been a fan since the 1980’s and frankly the sport offers little to compel me to even follow it closely now, though I enjoy this website a couple times a week. The drivers’s have the personality of Al Gore, the cars have been neutered by Todt for apparently politically correct reasons, the race track experience unless you’re in a hosted luxury box is worse than most local county fairs, there is zero chance of getting close to the drivers, much less the garages, and the traffic to/from an event is pretty much unbearable. That all on top of the ridiculous cost of tickets tells me that F1’s attendance prevention bureau has done a top notch job.

    It’s too bad really, but most things evolve in and out of favor over time. I can see in the next year or so, completely decoupling from F1.

Add your comment

Your email address will not be published. Required fields are marked *

All comments must abide by the comment policy. Comments may be moderated.
Want to post off-topic? Head to the forum.
See the FAQ for more information.