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☆ F1 on the right track in Vegas after parking lot past
▼ + stars: | 2023-11-14 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

"The only problem last time was we couldn’t run on the Strip, which is what I wanted to do," he said. "I wanted to make sure when somebody turned their television on they knew they were in Vegas, not in the desert. But it never happened because the people in Vegas, all the hotels, couldn’t see that it was going to be any good for them. "F1 didn’t take to Vegas, it was mutual," recalled journalist Nigel Roebuck 30 years later in MotorSport magazine. "A night race down the Strip that’s going to be iconic ... that’s going to be on every piece of television imaginable."

Persons: Jose Carlos Pace, Bernie Ecclestone, Amanda Perobelli, Max Verstappen, Ecclestone, we’d, I’m, They’ve, Nigel Roebuck, Roebuck, Alan Jones, Maurice Hamilton, Greg Maffei, Alan Baldwin, Chris Reese Organizations: Prix, Jose Carlos Pace Circuit, Formula, One, Briton, Caesars Palace, Formula One, MotorSport, Netflix, Liberty Media, Thomson Locations: Sao Paulo, Brazil, Las Vegas, Vegas, United States, Miami, Americas, Austin, America, U.S, London

☆ Ex-F1 boss Bernie Ecclestone pleads guilty to tax fraud charge
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Former Formula One boss Bernie Ecclestone arrives at Southwark Crown Court in London, where he is charged with fraud by false representation over an alleged failure to declare £400 million of overseas assets to the Government. Ex-Formula One boss Bernie Ecclestone pleaded guilty in a London court on Thursday to one count of fraud for making dishonest representation to Britain's tax authority. The 92-year-old appeared at Southwark Crown Court and pleaded to one count of fraud by false representation, just over a month before he was due to stand trial. Prosecutors said Ecclestone made untrue or misleading representations to HM Revenue and Customers at a July 2015 meeting, when he said he "established only a single trust" in favour of his daughters. Ecclestone, accompanied by his wife Fabiana, spoke only to confirm his name and to enter his plea.

Persons: Bernie Ecclestone, Prosecutors, Ecclestone, Fabiana Organizations: Formula, Southwark Crown, Government . Ex, Revenue Locations: Southwark, London

☆ Ex-F1 boss Bernie Ecclestone spared jail after admitting tax fraud
▼ + stars: | 2023-10-12 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Ecclestone has also agreed a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London's Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial. Ecclestone gave an unintelligible response to reporters as he left the court and got into a waiting Range Rover. Richard Las, chief investigation officer and director of the Fraud Investigation Service at HMRC, said Ecclestone had "lied to HMRC". The decision also states that Ecclestone paid around 250 million pounds in income and capital gains tax to HMRC between 1999 and 2017.

Persons: Bernie Ecclestone, Belinda Jiao, Ecclestone, Richard Wright, Simon Bryan, Clare Montgomery, Andrew Penhale, Richard Las, Bryan, Mr Ecclestone, Montgomery, Vladimir Putin, Sam Tobin, William James, Alex Richardson, Susan Fenton Organizations: Formula, Southwark Crown, HM Revenue, Customs, HMRC, Crown Prosecution Service, Thomson Locations: Southwark, London, Britain, Singapore

☆ Bernie Ecclestone: Ex-F1 boss spared jail after admitting tax fraud
▼ + stars: | 2023-10-12 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Reuters —Ex-Formula One boss Bernie Ecclestone was spared an immediate prison sentence on Thursday after he pleaded guilty to misleading Britain’s tax authority about overseas assets worth more than 400 million pounds ($492 million). Ecclestone has also agreed a civil settlement with HM Revenue and Customs (HMRC), under which he will pay 652.6 million pounds covering tax, interest and penalties for 18 tax years between 1994 and 2022, prosecutor Richard Wright said. The 92-year-old appeared at London’s Southwark Crown Court and pleaded guilty to one count of fraud by false representation, just over a month before he was due to stand trial. Belinda Jiao/ReutersJudge Simon Bryan gave Ecclestone a 17-month prison sentence suspended for two years, meaning he will only go to jail if he commits another criminal offense during that time. His lawyer Montgomery had noted at a previous hearing in January that Ecclestone was charged shortly after he made “unpopular” comments about Russian President Vladimir Putin.

Persons: Reuters —, Bernie Ecclestone, Ecclestone, Richard Wright, Belinda Jiao, Simon Bryan, Clare Montgomery, Ecclestone “, ” Ecclestone, Andrew Penhale, ” Richard Las, “, Elizabeth Cook, Bryan, Mr Ecclestone, Montgomery, Vladimir Putin Organizations: Reuters, HM Revenue, Customs, Southwark Crown, HMRC, Brabham, Crown Prosecution Service Locations: Southwark, Singapore

The legal team had initially set a Friday deadline. "The ball is on their court, we've been waiting for their response," said Viana, a partner at law firm Vieira Rezende Advogados. His lawyers want Hamilton, who was racing for McLaren at the time to support the claims. He is an honorary Brazilian citizen and very well liked by Brazilians, so I hope he will support us," Viana said. Despite that, Viana said Massa's legal team were confident they had a strong case and enough evidence to bring the Brazilian the championship.

Persons: Felipe Massa, Lewis Hamilton, Bernardo Viana, we've, Viana, Vieira Rezende Advogados, Hamilton, Nelson Piquet Jr, Massa, Piquet, Fernando Alonso, supremo Bernie Ecclestone, Max Mosley, Mosley, Ecclestone, Charlie Whiting, Massa's, Nick de Marco, Gabriel Araujo, Ken Ferris, Toby Davis Organizations: SAO PAULO, Reuters, Formula, FIA, Ferrari, Massa, Renault, Singapore, Prix, McLaren, Hamilton, Mercedes, supremo, Thomson Locations: Singapore, Brazilian

☆ Vasseur wary of commenting on Massa's legal claim
▼ + stars: | 2023-08-23 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

Lawyers for Brazilian Massa last week notified Formula One chief executive Stefano Domenicali and Mohammed Ben Sulayem, president of the governing FIA, of the intent to claim compensation. An FIA spokesperson last week acknowledged receipt of "correspondence" from Massa's representatives and said the matter was under review. The scandal, widely known as 'Crashgate', did not emerge until a year later and led to Renault team bosses being banned. Vasseur said teams wanted to know the result of races at the chequered flag and not after the podium celebrations had happened. The Frenchman, who was Renault team boss in 2016, took over at Ferrari in January and was not in Formula One in 2008.

Persons: Driver Felipe Massa, Hamad I Mohammed, Fred Vasseur trod, Felipe Massa, Stefano Domenicali, Mohammed Ben Sulayem, Massa, Vasseur, Nelson Piquet's, Britain's Lewis Hamilton, insider.com, supremo Bernie Ecclestone, Max Mosley, Ecclestone, Mosley, Frenchman, Alan Baldwin, Lincoln Organizations: Saudi, Prix, Jeddah Corniche, Driver, Grand Prix REUTERS, Ferrari Formula, Brazilian Massa, Formula, FIA, Renault, McLaren, supremo, Reuters, Ferrari, One, Thomson Locations: Jeddah, Jeddah Corniche Circuit, Saudi Arabia, Singapore

"Simply put, Mr Massa is the rightful 2008 Driver's Champion, and F1 and FIA deliberately ignored the misconduct that cheated him out of that title," said the letter. There was no immediate response from the FIA and Formula One, which is currently on an August shutdown. PIQUET CRASHMassa was leading the 2008 Singapore Grand Prix from pole position when fellow Brazilian Piquet crashed into the wall on lap 14 of 61. The lawyers' letter warned that, without a satisfactory response, Massa intended to "pursue legal action in order to seek compensation for the harm he has suffered." Massa did not win again after 2008, with the Brazilian suffering a near-fatal head injury at the 2009 Hungarian Grand Prix.

Persons: Driver Felipe Massa, Hamad, Mohammed, Massa, Ecclestone, Felipe Massa, Stefano Domenicali, Mohammed Ben Sulayem, Law, McLaren's Lewis Hamilton, Mr Massa, " Massa, supremo Bernie Ecclestone, Max Mosley, Nelson Piquet's, PIQUET, Piquet, Fernando Alonso, insider.com Ecclestone, Hamilton, Mosley, Charlie Whiting, Rory Carroll, Alan Baldwin, Ken Ferris Organizations: Saudi, Prix, Jeddah Corniche, Driver, Grand Prix REUTERS, FIA, Reuters, Formula, Formula One, F1, supremo, Renault, Briton, F1 supremo, Liberty Media, Thomson Locations: Jeddah, Jeddah Corniche Circuit, Saudi Arabia, Paris, London, Singapore, Switzerland, Spanish

☆ Singaporean billionaire given arrest notice in anti-graft probe involving country's transport minister
▼ + stars: | 2023-07-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Singapore's anti-graft agency issued an arrest notice for billionaire Ong Beng Seng as part of its investigation involving transport minister S Iswaran. Ong, who is managing director of Singapore-listed hotel owner and operator Hotel Properties Limited , has been asked to provide information on his interactions with Iswaran. In a filing, HPL said no charges have been filed against Ong and that he is fully cooperating with the agency. The company added that Ong has provided requested information, but is unable to provide further details at this point. HPL's portfolio includes 38 hotels and resorts in 15 countries, operating under brands including Four Seasons, Intercontinental Hotels and Marriott International.

Persons: Ong Beng Seng, supremo Bernie Ecclestone, Ong, HPL, Mr Ong Organizations: supremo, Marina, Circuit, Hotel Properties, Practices, Intercontinental Hotels, Marriott Locations: Singapore

Hong Kong CNN —A corruption investigation in Singapore has expanded to include Ong Beng Seng, a hotel tycoon best known for bringing the Formula 1 Grand Prix to the wealthy city state. The agency had earlier launched an investigation into a case involving the transport minister, in a rare corruption probe involving a cabinet-level official. Ong’s company said he had posted bail of 100,000 Singapore dollars ($76,000) after being given a notice of arrest. Ong is also the sole shareholder of the Singapore Grand Prix, organizer of the marquee sporting event, his spokesperson confirmed to CNN. Rare caseThe news about Ong emerged just days after Prime Minister Lee Hsien Loong asked the transport minister to take a leave of absence.

Persons: Ong Beng Seng, Ong, “, Lee Hsien Loong, Iswaran, CPIB, Lee, Eugene Tan, Bernie Ecclestone, Hoch, Lawrence Wong, ” Organizations: Hong Kong CNN, Hotel Properties, Practices, Transport, Singapore, Prix, CNN, Singapore Management University, Party Locations: Hong Kong, Singapore, Properties, Maldives, Malaysia, London, Bangkok, Abu

☆ Silverstone, a Storied Formula 1 Track, Wants to Continue Its Tale
▼ + stars: | 2023-07-07 | by ( Alex Kalinauckas | ) www.nytimes.com time to read: +1 min

In 2008, Bernie Ecclestone, head of Formula 1 at the time, said the race would leave Silverstone. Then in 2017, the British Racing Drivers’ Club, the owner of the track, activated what is called the break clause in its hosting agreement, which would allow the club to stop holding the race. After two years of talks, a new deal was struck with Formula 1 and its new owner, Liberty Media, which had replaced Ecclestone. Based on its most recent financial filing, Silverstone made £6.9 million in profit in 2021. “The members, the 820 or so racing drivers or former racing drivers,” he said, don’t take money out.

Persons: Bernie Ecclestone, Ecclestone, Silverstone, Pringle, ”, don’t Organizations: Silverstone, British Racing Drivers ’, Liberty Media

☆ Formula One accuses FIA head of commercial interference
▼ + stars: | 2023-01-24 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, Jan 24 (Reuters) - Liberty Media-owned Formula One has accused FIA president Mohammed Ben Sulayem of interfering with its commercial rights by publicly questioning a reported $20 billion valuation of the sport. They also fuel the sense of an emerging turf war between the governing body and a commercial rights holder eager to grow an expanding and increasingly popular championship in new directions. Sky Sports News reported that Formula One's legal head Sacha Woodward Hill and Liberty Media counterpart Renee Wilm had sent a joint letter to the FIA accusing the governing body of exceeding its remit. "The FIA has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights," Sky quoted Formula One's letter as saying. There was no comment from Formula One and no immediate response from the FIA.

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