F1 boss backs Ecclestone to restore stability

Gerhard Gribkowsky, chairman of the group who own Formula One, has backed Bernie Ecclestone to unite the sport despite threats of a breakaway championship.

Five manufacturers involved in the sport are demanding a greater share of income from Ecclestone’s commercial empire, as well as a bigger say in how the sport is governed, with a rival series threatened if those demands are not met.

Gribkowsky is chairman of SLEC, who own the commercial side of Formula One, and he has faith in Ecclestone to end the prospect of a manufacturer-backed breakaway series.

“We see it as a crucial issue for all constituents of Formula One to end the discussions on two series and to focus their energies on ensuring a stable platform for the future of Formula One,” he told www.formula1.com.

“We believe that the outstanding issues can be solved in dialogue between the parties. Mr Ecclestone and the shareholders are committed to continuing this dialogue and to finding solutions.

“Mr Ecclestone has built this business and made it one of the most successful sport events in the world. Mr Ecclestone is the CEO and we support him in this role wherever we can.”

Gribkowsky is also chief risk officer of Bayerische Landesbank, one of three banks who own 75% of SLEC as a result of loans to the now-bankrupt Kirsch media group, with Ecclestone’s family trust owning the rest.

Bayerische Landesbank recently acquired voting rights from the other two banks, giving them control of SLEC.

The banks had little choice in their Formula One involvement, coming as it did as a result of defaulted loans, but Gribkowsky brushed aside suggestions they were keen to sell their stake in the sport.

He claims thoughts of the group selling up, possibly to the manufacturer alliance, “is currently not a relevant issue”.