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Tag Archive | "Bernie Ecclestone"
GRAND PRIX COSTS $50 MILLION BUT IS SYDNEY READY TO POUNCE ?
The 2011 Australian Formula One Grand Prix cost Victorian taxpayers in excess of $50 million to run, the Victorian State Government announced today. Meanwhile, an independent costing report has estimated the immediate economic benefits to range between $32 million and $39 million and created 350 jobs. Despite this, Victorian tourism minister Louise Asher defended her government's subsidy of the race. 'You have to look at the whole year, at ongoing branding of Melbourne,' she said earlier today. This year's expense was a $700,000 increase on last year's estimated $49.3 million loss.
Continue reading...MELBOURNE’S GP ON BORROWED TIME ?
Sunday, January 23, 2011
Melbourne's Formula One Grand Prix looks to be on borrowed time with calls by the City's Lord Mayor to axe the race once it's contract is up in 2014. Writing in the top selling Australian newspaper The Herald-Sun, Melbourne Lord Mayor Robert Doyle said the Grand Prix had run it's race. "...it has been 20 fantastic years, the benefits to the city and the state have been enormous, but the cycle has run its course." he said. "In the end, it will be a government decision and one of the tough ones that Ted Baillieu faces in his first term. Does he undo the legacy of Jeff Kennett, his mentor, in his very first term and, ironically, through the same minister to first get the event, Louise Asher? My judgement would be: Get ready. Time's up."
Continue reading...F1 SALE UNDER INVESTIGATION
Thursday, January 6, 2011
The financial dealings of Formula One and it's "colourful" head man Bernie Ecclestone are again coming into question after the arrest of a former executive at Bavaria’s state-backed bank BayernLB. Former BayernLB manager Gerhard Gribkowsky was arrested on Wednesday under suspicion of fraud, tax evasion and taking bribes. The investigation will look at whether Gribkowsky sold the bank’s Formula 1 holdings under questionable circumstances after BayernLB took control of bankrupt media mogul Leo Kirch’s stake in the sport. This was later sold to CVC Capital Partners who became the majority owner of Formula One. Prosecutors claim that the sale was made without "it's true value being being properly evaluated,” They claim that Gribkowsky in turn received $50 million in payments disguised via two consultancy agreements. They have not at this stage made any direct allegations of who may have paid those payments.
Continue reading...IS F1 REALLY WELCOME IN KOREA ?
Thursday, November 18, 2010
South Korea recently hosted its first Formula One Grand Prix race at the Korea International Circuit in Yeongam, South Jeolea, turning on an entertaining race due to the unpredictable weather and conditions. Whilst it was commendable effort by the Koreans, beneath the gloss in the paddock of the Korea International Circuit there are very much [...]
Continue reading...MEMO TO BERNIE: TAKE YOUR RACE AND SHOVE IT UP YOUR…
Tuesday, September 28, 2010
The choice of holding the Australian Grand Prix at Albert Park in the modern era has always been a controversial one; since Jeff Kennett sensationally (or infamously, according to South Australians) announced in late 1993 that a deal has been concluded with Bernie Ecclestone to host the race in Melbourne’s Albert Park from 1996 onwards. Even before a wheel was turned there was already strong opposition to the Grand Prix by environmentalists and the “Save Albert Park” movement; local residents and the usual NIMBY’s affected by the construction of the track and the annual build up and tear down of fencing and facilities before and after each event. To add more fuel to the fire of opposition to the Grand Prix, the Victorian State government and the Australian Grand Prix Corporation is attracting the ire of ordinary residents and taxpayers of Victoria by posting a bigger loss to the Formula 1 Grand Prix each year since 1996. It has been announced recently that the 2010 event has lost $49.2 million dollars, which means, by my calculations, that over the past five years, the Australian Grand Prix has lost a total of more than $185 million dollars. That same $185 million dollars could be very well used in building desperately needed road, public transport or health infrastructure or to fund proper education of Victorian youths. Instead, taxpayers of the state of Victoria, have to line the pockets of one of the richest men in the world for the right to a frivolous activity and to pay the imbeciles who supposedly run it.
Continue reading...F1: PINNACLE OR RIDICULE ?
Thursday, March 25, 2010
The Formula 1 circus has once again returned to Melbourne for the annual Australian Grand. Amidst the controversy of the processional previous race of Bahrain as well as the poor organization and lack of performance of the new teams, I’m thankful that I am no longer a fan to what is supposed to be the pinnacle of motor racing. Unlike previous years when I was living and breathing Formula 1, where I would be literally stalking drivers and know first hand when and where they will make appearances. I no longer have any feelings for any of this; and given how poorly Formula 1 at large continues to treat its fans, I would not at all be surprised if a queue of dissatisfied former Formula 1 fans forms behind me from all over the world. I am at a loss to understand a sport which requires a “working group” to encourage and manufacture an on track action called “overtaking”. It is beyond ridiculous that such a basic action of the sport has to be encouraged or manufactured by a committee for it to actually happen in the arena. Matters are not helped either by today’s Formula 1 drivers.
Continue reading...THE FORMULA THAT CAN NOT BE CURED
Sunday, September 20, 2009
With the latest scandal in Formula 1 involving race fixing claims splattered in all manners of media, I certainly was glad I’m no longer a Formula 1 fan. I very definitely do not want to be associated with those scammers, liars, cheats, nor any of the like-minded ego-maniacs that populate this field. However, I find it very disturbing the sort of level Formula 1 as a brand image and its integrity has sunk towards with scandal after scandal within and beyond the last ten years of its existence. If you’re still interested in this sport or entertainment, or whatever you’d like to call it. I’m sure you’d be asking when any of this will ever stop, so you can get to enjoy your Formula 1 racing again. Having watched and studied the field for almost 20 years, I really don’t like the prospects of any of these huge egos with limitless pockets being put in their place and coming to terms that honesty, sportsmanship and values are not just merely words in press releases and sponsorship proposals.
Continue reading...MELBOURNE TO LOSE F1 OPENING RACE ?
Friday, August 28, 2009
Melbourne's traditional place as the opening round of the World Formula One Championship may be under threat with Bahrain rumoured to replace the Victorian capital as the season opener. According to SpeedTV.com & Autosport, team bosses have been shown a provisional calendar for 2010 in which Melbourne becomes the second round of the season. Melbourne GP boss Ron Walker has always put great value on Melbourne opening the season, often claiming his "special" relationship with Bernie Ecclestone would ensure the Australian race the prestigious first round. Media Spokesperson for the Australian Grand Prix Corporation Laura McLachlan said that the Corporation had no comment to make at this stage "until the FIA releases the official calendar"
Continue reading...NO SPLIT IN F1, MOSLEY GONE! IT’S GOOD NEWS WEEK!
Wednesday, June 24, 2009
The great Formula One breakaway crisis is apparently over with FIA President Max (hurts so good) Mosley finally falling on his sword and doing what he should have done this time last year. Mosley announced to the World Motorsport Council meeting in Paris today that he would not be standing for re-election. Mosley told reporters after the meeting that there will be no split. "We have agreed to a reduction of costs," he said. "There will be one F1 championship in 2010 but the objective is still to get back to the spending levels of the early nineties within two years." It is believed that Mosley's position became untenable after meeting with long time supporter Bernie Ecclestone and [FOTA] chairman Luca di Montezemolo. It is believed that Ecclestone warned Mosley that if he did not stand aside then Ecclestone would join with FOTA in staging an alternative World Championship. The new agreement means that the teams must call off the breakaway series and sign up to a new Concorde Agreement until 2012. A unified Formula One, and we get rid of Mosley. all in all a job well done. I think Champagne is called for.
Continue reading...IMG LINK RAISES THE STAKES IN F1 BREAKAWAY
Wednesday, June 24, 2009
Website Grand Prix.com is suggesting that global sports management juggernaut IMG could be the people behind the promotion of an "alternative F1" series. IMG is one of the World's largest sports promotion and management companies and if anybody can rival Bernie Ecclestone for professionalism and global reach then it's IMG. IMG has a global portfolio that includes many of the worlds biggest sporting events and the company has plenty of motorsport experience including running a number of major street races including the Surfers Paradise Indy race and several Champcar rounds in the USA. It also has run Bathurst and the Sandown enduros here in Australia. Currently they are responsible for the media and marketing rights to events including the LeMans Series, NASCAR, NHRA Drag Racing and The World Speedway Grand Prix. Interestingly IMG is also a media partner of the Williams F1 racing team, one of only two current F1 teams to commit themselves to the traditional FIA series next year. FOTA is scheduled to meet tomorrow to discuss the planning for their series, certainly, if as rumoured IMG is involved, then the chances of it happening and operating successfully just got a whole lot better.
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Saturday, July 23, 2011
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