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Ecclestone Waives Bahrain GP Fees
Source: Agencies |
February 24, 2011, Thursday
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BERNIE Ecclestone has waived rights fees due from Bahrain Grand Prix organizers after the season-opening race was called off because of unrest in Gulf.
"The fee that is normally being paid for the event is not being paid," Ecclestone told the Daily Telegraph yesterday.
"I am not charging them for a race they are not getting. Whether they are covered by their insurers for loss of revenues, ticket sales etc, I am not sure. But if anything is force majeure then that (the unrest) is.
"It is similar to if an earthquake had struck. No-one could have foreseen that a month ago."
Ecclestone's action, unusual for a man known to drive a hard bargain, means Formula One Management stands to lose tens of millions of dollars if the race cannot be rescheduled later.
"Nobody gains from this," the 80-year-old told the Times.
"I want to be loyal to the King, because he is doing everything he can to put things right with his people. He doesn't need people like me stabbing him in the back."
"The fee that is normally being paid for the event is not being paid," Ecclestone told the Daily Telegraph yesterday.
"I am not charging them for a race they are not getting. Whether they are covered by their insurers for loss of revenues, ticket sales etc, I am not sure. But if anything is force majeure then that (the unrest) is.
"It is similar to if an earthquake had struck. No-one could have foreseen that a month ago."
Ecclestone's action, unusual for a man known to drive a hard bargain, means Formula One Management stands to lose tens of millions of dollars if the race cannot be rescheduled later.
"Nobody gains from this," the 80-year-old told the Times.
"I want to be loyal to the King, because he is doing everything he can to put things right with his people. He doesn't need people like me stabbing him in the back."
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