Investors in F1 rights owner CVC are set to ask tough questions at a forthcoming meeting, the Financial Times is reporting.<\/p>\n
One “large European investor”, concerned about the Gerhard Gribkowsky bribery affair involving Bernie Ecclestone, confirmed he will be asking some of those questions at the meeting in September.<\/p>\n
Another said he expected investors to “bombard” the CVC board with their concerns.<\/p>\n
“Every large investor has this on the radar screen and will want to get answers to two questions: did you know anything about what was going on and, if not, what changes have you made at the company level after you have found out?” he said.<\/p>\n
The Financial Times said investors are particularly concerned about the handling of the affair by CVC’s F1 manager Donald Mackenzie.<\/p>\n
“One of the larger, institutionalised private equity groups would have long dealt with it by changing F1’s management and communicating openly,” the source added.<\/p>\n
The bribery affair has triggered wider questions about the legitimacy of CVC’s purchase five years ago of the commercial rights from the BayernLB bank.<\/p>\n
The German bank’s chief financial officer Stephan Winkelmeier insists the sale has been audited.<\/p>\n
“So far those checks have not revealed any problems and have shown that the sale was carried out properly, in accordance with the bank’s regulations and with a price that was in line with expectations,” he said.<\/p>\n
But former owners Constantin Medien – formerly EM.TV – have filed a lawsuit claiming the rights were undervalued amid the sale to CVC.<\/p>\n
F1 chief executive Ecclestone however, suggesting Constantin Medien is hoping for an out of court settlement, insisted to The Independent that CVC paid “a very good price”.<\/p>\n
“They didn’t buy the shares under value, it was the opposite … four or five proper people offered considerably less … there could have been a big bust-up with the teams,” he said.<\/p>\n
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