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69-525: The deal to host the Valencia race was signed on 1 June 2007, and was for seven years. The deal was made between Formula One supremo Bernie Ecclestone and the Valmor Sport group, led by former motorcycle racer Jorge "Aspar" Martínez and Villarreal CF 's president Fernando Roig . The deal came about despite Ecclestone previously stating that no European country should hold more than one race each year, as there

138-455: A "glamour sport" and on the "false trail" of Jowell's husband's links to Benetton . On 6 November correspondents from three newspapers inquired whether Labour had received any donations from Ecclestone; he had donated £1 million in January 1997. On 11 November Labour promised to return the money on the advice of Sir Patrick Neill. On 17 November, Blair apologised for his government's mishandling of

207-630: A 14-year agreement with the FIA for the exclusive broadcasting rights for 18 FIA championships. In 1999, the European Commission investigated FIA, ISC and FOA for abusing dominant position and restricting competition. As a result, in early 2000 the ISC and FIA made a new agreement to reduce the number of rights packages to two, the World Rally and Regional Rally Championships. In April 2000 Ecclestone sold ISC to

276-454: A Formula One team. He abandoned the highly successful customer car production business established by Jack Brabham and Tauranac – reasoning that to compete at the very front in Formula One you must concentrate all of your resources there. For the 1973 season , Ecclestone promoted Gordon Murray to chief designer. The young South African produced the triangular cross-section BT42, the first of

345-554: A German prosecutor in the Gerhard Gribkowsky case showed that Ecclestone had been under investigation by the UK tax authorities for nine years, and that he had avoided the payment of £1.2 billion through a legal tax avoidance scheme. HM Revenue and Customs agreed to conclude the matter in 2008 with a payment of £10 million. In a Times interview published on 4 July 2009, Ecclestone said "terrible to say this I suppose, but apart from

414-432: A chairman emeritus had since expired in January 2020. Business magnate A business magnate , also known as an industrialist or tycoon , is a person who has achieved immense wealth through the creation or ownership of multiple lines of enterprise . The term characteristically refers to a powerful entrepreneur and investor who controls, through personal enterprise ownership or a dominant shareholding position,

483-531: A firm or industry whose goods or services are widely consumed. Such individuals have been known by different terms throughout history, such as robber barons , captains of industry , moguls, oligarchs , plutocrats , or tai-pans . The term magnate derives from the Latin word magnates (plural of magnas ), meaning "great man" or "great nobleman". The term mogul is an English corruption of mughal , Persian or Arabic for "Mongol". It alludes to emperors of

552-495: A group led by David Richards . On 17 June 2005, Ecclestone made American headlines with his reply to a question about Danica Patrick 's fourth-place finish at the Indianapolis 500 , during an interview with Indianapolis television station WRTV: "She did a good job, didn't she? Super. Didn't think she'd be able to make it like that. You know, I've got one of these wonderful ideas that women should be all dressed in white like all

621-640: A hamlet three miles south of Bungay . He was the son of Sidney Ecclestone, a fisherman, whose family was originally from Kent , and his wife Bertha Sophia (née Westley). Ecclestone attended primary school in Wissett in Suffolk before the family moved to Danson Road, Bexleyheath , southeast London, in 1938. He was not evacuated to the countryside during the Second World War and remained with his family. Ecclestone left Dartford West Central Secondary School at

690-491: A left-right chicane: turns 4 and 5, by the Neptune Hotel. Drivers exit the 137 km/h (85 mph) chicane by running very close to the wall, before sweeping through the kinks of turns 6 and 7, then braking heavily for the following swing bridge section . One of the slowest corners on the track, turn 8, with an apex speed of around 89 km/h (55 mph), leads drivers over the bridge before immediately braking again into

759-521: A lot of cases, black people are more racist than what white people are." In response, Hamilton has countered Ecclestone, criticising him on Instagram for being "ignorant and uneducated", and that he has realised why nothing much has been done to address diversity and racism. Formula One Group also issued a statement, saying that they "completely disagree with Bernie Ecclestone's comments that have no place in Formula 1 or society", and had added that his title as

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828-571: A meeting with Blair. Ecclestone and Max Mosley, both Labour Party donors, met Blair on 16 October 1997, where Mosley argued: "Motor racing was a world class industry which put Britain at the hi-tech edge. Deprived of tobacco money, Formula One would move abroad at the loss of 50,000 jobs, 150,000 part-time jobs and £900 million of exports." On 4 November the "fiercely anti-tobacco Jowell" argued in Brussels for an exemption for Formula One. Media attention initially focused on Labour bending its principles for

897-590: A member of the Formula One Constructors Association , whom he led through the FISA–FOCA war . His control of the sport, which grew from his pioneering sale of the television rights in the late 1970s, was chiefly financial; under the terms of the Concorde Agreement , Ecclestone and his companies also controlled the administration, setup and logistics of each Grand Prix, thus making him one of

966-427: A move Murray described as "like having a holiday". Piquet formed a close and long-lasting relationship with Ecclestone and the team, losing the title after a narrow battle with Alan Jones in 1980 and eventually winning in 1981 and 1983. In the summer of 1981 Brabham had tested a car powered by a BMW turbo engine, and 1982 's new BT50 was powered by BMW 's turbocharged four-cylinder M10 . Brabham continued to run

1035-465: A number of eventually lucrative investments in property and loan financing and to manage the Weekend Car Auctions firm. He returned to racing in 1957 as manager of driver Stuart Lewis-Evans , and purchased two chassis from the disbanded Connaught Formula One team. Ecclestone even tried, unsuccessfully, to qualify a car himself at Monaco in 1958, although this has since been described as "not

1104-529: A partial owner of Rindt's 1970 Lotus Formula 2 team, whose other driver was Graham Hill . Rindt, on his way to the 1970 World Championship, died in a crash at the Monza circuit, though he was awarded the championship posthumously. During the 1971 season , Ecclestone was approached by Ron Tauranac , owner of the Brabham team, who was looking for a suitable business partner. Ecclestone made him an offer of £100,000 for

1173-568: A proposed European Union Directive banning tobacco advertising and sponsorship. At this time all leading Formula One Teams carried significant branding from tobacco brands. The Labour Party's stance on banning tobacco advertising was reinforced following the general election by forceful statements from the Health Secretary Frank Dobson and Minister for Public Health Tessa Jowell . Ecclestone appealed 'over Jowell's head' to Jonathan Powell , Tony Blair's chief of staff, who arranged

1242-405: A series of Ford-powered cars with which the Brabham team would take several victories in 1974 and 1975 with Carlos Reutemann and Carlos Pace . Despite the increasing success of Murray's nimble Ford-powered cars, Ecclestone signed a deal with Alfa Romeo to use its powerful but heavy flat-12 engine from the 1976 season . Although this was financially beneficial, the new BT45s were unreliable and

1311-657: A serious attempt". He also entered the British Grand Prix , but the car was raced by Jack Fairman . He continued to manage Lewis-Evans when he moved to the Vanwall team; Roy Salvadori moved on to manage the Cooper team. Lewis-Evans suffered severe burns when his engine exploded at the 1958 Moroccan Grand Prix and died six days later; Ecclestone was shocked and once again retired from racing. His friendship with Salvadori led to his becoming manager of driver Jochen Rindt and

1380-466: A subsequent interview with The Jewish Chronicle , Ecclestone said that his comments were taken the wrong way, but apologised, saying, "I'm just sorry that I was an idiot. I sincerely, genuinely apologise." However, when Ecclestone was later told by Associated Press that the World Jewish Congress had called for his resignation, he said: "It's a pity they didn't sort the banks out," referring to

1449-493: A £409m lawsuit against the 2005 sale of Formula One, alleging it was the sport's rightful owner. In May 2013, Süddeutsche Zeitung reported that the Munich prosecutors' office had charged Ecclestone on two counts of bribery after a two-year investigation into his relationship with Gribkowsky. In July 2013, German prosecutors indicted Ecclestone for alleged bribery. The charge relates to a $ 44 million (£29m) payment to Gribkowsky. It

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1518-473: Is fairly short but requires good traction and acceleration for the best lap time. The fastest official race lap records at the Valencia Street Circuit are listed as: Bernie Ecclestone Bernard Charles Ecclestone (born 28 October 1930) is a British business magnate , motorsport executive and former racing driver . Widely known in journalism as the " F1 Supremo ", Ecclestone founded

1587-474: Is money goes out and away. There's a question whether that money even returns to Formula One." Flavio Briatore also criticised FOM: "Nowadays Ecclestone takes 50% of all revenues, but we are supposed to be able to reduce our costs by 50%". Ecclestone was removed from his position as chief executive of Formula One Group on 23 January 2017, following its takeover by Liberty Media in 2016. In 1996, Ecclestone's International Sportsworld Communicators signed

1656-528: The 1987 season . Having bought the team from Ron Tauranac for approximately $ 120,000 at the end of 1971, Ecclestone eventually sold it for over US$ 5 million to a Swiss businessman, Joachim Luhti in 1988. In parallel to his activities as team owner, Ecclestone formed the Formula One Constructors Association (FOCA) in 1974 with Frank Williams , Colin Chapman , Teddy Mayer , Ken Tyrrell , and Max Mosley . He became increasingly involved with his roles at FISA and

1725-473: The 2005 United States Grand Prix at the Indianapolis Motor Speedway. The seven teams which refused to participate, stating concern over the safety of their Michelin tyres, requested rule changes and/or a change to the track configuration. Despite a series of meetings between Ecclestone, Max Mosley and the team principals, no compromise was reached by race time, and Ecclestone became an object of

1794-416: The 2007–2008 financial crisis , and stated: "They have a lot of influence everywhere." In a 2012 trial against the former BayernLB chief risk officer Gerhard Gribkowsky, the public prosecutor accused Ecclestone of being a co-perpetrator in the case. Gribkowsky confessed to the charges of tax evasion, breach of trust and for accepting bribes. In closing arguments at a Munich trial the public prosecutor told

1863-525: The Formula One Group in 1987, controlling the commercial rights to Formula One until 2017. Ecclestone began his career as a racing driver and entered two Grand Prix races during the 1958 season , but failed to qualify for either of them. Later, he became manager of drivers Stuart Lewis-Evans and Jochen Rindt . In 1972, he bought the Brabham team, which he ran for 15 years. As a team owner he became

1932-752: The Mughal Empire in Early Modern India , who possessed great power and storied riches capable of producing wonders of opulence, such as the Taj Mahal . The term tycoon derives from the Japanese word taikun ( 大君 ) , which means "great lord", used as a title for the shōgun . The word entered the English language in 1857 with the return of Commodore Perry to the United States. US President Abraham Lincoln

2001-481: The 2012 race was shown to have many different overtakes and became one of the most thrilling races of the season. It also had four retirements compared to zero during the 2011 race. The pit straight is short and immediately leads into the flat-out turn 1 before cars heavily brake down to 97 km/h (60 mph) for the right-left complex of turns 2 and 3, passing the Grau Metro station . A curved 'straight' leads into

2070-403: The 500cc Formula 3 Series, acquiring a Cooper Mk V in 1951. He drove only a limited number of races, mainly at his local circuit, Brands Hatch , but achieved a number of good placings and an occasional win. He initially retired from racing following several accidents at Brands Hatch, intending to focus on his business interests. After his accident, Ecclestone temporarily left racing to make

2139-659: The Alfa engines rendered them significantly overweight. The 1976 and 1977 seasons saw Brabham fall towards the back of the field again, before winning two races again in the 1978 season when Ecclestone signed the Austrian double world champion Niki Lauda , intrigued by Murray's radical BT46 design. The Brabham-Alfa era ended in 1979, the team's first season with the up-and-coming young Brazilian Nelson Piquet when Alfa Romeo started testing its own Formula One car during that season. This prompted Ecclestone to revert to Cosworth DFV engines –

Valencia Street Circuit - Misplaced Pages Continue

2208-520: The FOCA in the 1970s, in particular with negotiating the sport's television rights, in his decades-long advocacy for team control. Ecclestone became chief executive of FOCA in 1978 with Mosley as his legal adviser; together, they negotiated a series of legal issues with the FIA and Jean-Marie Balestre , culminating in Ecclestone's famous coup, his securing the right for FOCA to negotiate television contracts for

2277-468: The Ford-powered BT49D in the early part of the season while reliability and driveability issues were sorted out by BMW and its technical partner Bosch . Ecclestone and BMW came close to splitting before the turbo car duly took its first win at the 1982 Canadian Grand Prix but the partnership took the first turbo-powered world championship in 1983. The team continued to be competitive until 1985. At

2346-612: The Formula One Group. Ecclestone used the proceeds of this sale to purchase a stake in this new company (the exact ratio of the CVC/Ecclestone shareholding is unknown). On 6 December Alpha Prema acquired JP Morgan's share of SLEC to increase its ownership of Formula One to 86%; the remaining 14% was held by Lehman Brothers. On 21 March 2006 the EU competition authorities approved the transaction subject to CVC selling Dorna, which controls

2415-455: The Grands Prix. For this purpose Ecclestone established Formula One Promotions and Administration , giving 47% of television revenues to teams, 30% to the FIA, and 23% to FOPA (i.e. Ecclestone himself); in return, FOPA put up the prize money – grand prix could literally be translated from French as "great prize". Television rights shuffled between Ecclestone's companies, teams, and the FIA in

2484-525: The affair and stated "the decision to exempt Formula One from tobacco sponsorship was taken two weeks later. It was in response to fears that Britain might lose the industry overseas to Asian countries who were bidding for it." In 2008, the year after Blair stepped down as Prime Minister, internal Downing Street memos revealed that the decision had been made at the time of the meeting, and not two weeks later as Blair stated in Parliament. Interviews conducted by

2553-500: The age of 16 to work as an assistant in the chemical laboratory at the local gasworks testing gas purity. He also studied chemistry at Woolwich Polytechnic and pursued his hobby of motorcycles. Immediately after the end of the Second World War , Ecclestone went into business trading in spare parts for motorcycles, and formed the Compton & Ecclestone motorcycle dealership with Fred Compton. His first racing experience came in 1949 in

2622-450: The companies. Ecclestone came under fire in October 2004 when he and British Racing Drivers' Club president Jackie Stewart were unable to come to terms regarding the future British Grand Prix , causing the race to be dropped from the 2005 provisional season calendar. Negotiations with Ecclestone to keep the race in Formula One ended in the signing of a contract on 9 December to guarantee

2691-604: The continuation of the British Grand Prix for the following five years. In mid-November 2004, the three banks comprising Speed Investments , which owns a 75% share in SLEC , which in turn controls Formula One – Bayerische Landesbank , J.P. Morgan Chase , and Lehman Brothers – sued Ecclestone for more control over the sport, prompting speculation that Ecclestone might altogether lose the control he had maintained for more than 30 years. A two-day hearing began on 23 November. After

2760-482: The court Ecclestone "hasn't been blackmailed, he is a co-perpetrator in a bribery case". According to the prosecutor and defendant, Ecclestone paid about $ 44 million to the former banker to get rid of the lender's stake in Formula One. Ecclestone told prosecutors he paid Gribkowsky because he blackmailed him with telling UK tax authorities about a family trust controlled by Ecclestone's former wife. In November 2012 private equity firm Bluewaters Communications Holdings filed

2829-591: The decision. The following day, at a meeting of team bosses at Heathrow Airport in London, Ecclestone offered the teams a total of £260,000,000 over three years in return for unanimous renewal of the Concorde Agreement, which expired in 2008. Two weeks later, Gerhard Gribkowsky, a board member of Bayerische Landesbank and the chairman of SLEC, said that the banks had no intention to remove Ecclestone from his position of control. Ecclestone saw 14 of 20 cars pull out of

Valencia Street Circuit - Misplaced Pages Continue

2898-454: The dust away from the racing line. Nico Hülkenberg noted there was quite a lot of space for a street circuit, and some corners had a lot of run-off area; Robert Kubica suggested that good traction and braking stability were crucial to win at the circuit, due to the number of long straights that ended in heavy braking zones. The circuit was criticised by drivers for its lack of overtaking opportunities. Changes in Formula One in 2011, including

2967-516: The end of the year, Piquet left after seven years. He was unhappy with the money that Ecclestone was willing to offer him and went to Williams where he would win his third championship. The following year, Murray, who since 1973 had designed cars that had scored 22 GP wins, left Brabham to join McLaren. Brabham continued under Ecclestone's leadership to the end of the 1987 season, in which the team scored only eight points. BMW withdrew from Formula One after

3036-420: The equally slow turn 10. Good traction is important out of here as the following section is a DRS zone with a top speed along the kinked 'straight' of around 320 km/h (200 mph), with a heavy braking zone for the 140 km/h (90 mph) turn 12/13 chicane; a 2nd-gear, right-left complex. Turn 14 is a medium speed right-hander before another, shorter DRS zone that leads through two left-hand kinks before

3105-481: The fact that Hitler got taken away and persuaded to do things that I have no idea whether he wanted to do or not, he was – in the way that he could command a lot of people – able to get things done." According to Ecclestone: "If you have a look at a democracy it hasn't done a lot of good for many countries — including this one", in reference to the United Kingdom. He also said that his friend of 40 years Max Mosley,

3174-515: The fifth richest person in the world, who bought 20% of the club. On 17 December 2010 it was announced that Ecclestone had purchased the majority of shares from Flavio Briatore becoming the majority shareholder with 62% of the shares. It was announced on 18 August 2011 that Ecclestone and Briatore had sold their entire shareholding in the club to Tony Fernandes , known for his ownership of the Caterham Formula 1 team. For many years Ecclestone

3243-478: The introduction of the Drag Reduction System and the switch to Pirelli tyres, partially improved that with 27 passes recorded in that year's race, 22 of which were accredited to the assistance of DRS. However, the five 'normal' overtakes still represented the year's second lowest total, although the adoption of two DRS zones for that year's race limited the potential for non-DRS assisted passes. Despite this,

3312-594: The last day of 2012. After the loss of Silverstone as the venue for the British Grand Prix in 2008, Ecclestone came under fire from several high-profile names for his handling of Formula One's revenues. Damon Hill blamed Formula One Management as a key factor in the loss of the event: "There's always been the question of the FOM fee, and ultimately that is the deciding factor. To quote Bernie, he once said: 'You can have anything you like, as long as you pay too much for it,' but we can't pay too much for something ... The problem

3381-411: The late 1990s, but Ecclestone emerged on top again in 1997 when he negotiated the fourth Concorde Agreement : in exchange for annual payments, he maintained the television rights. Also in 1978, Ecclestone hired Sid Watkins as official Formula One medical doctor. Following the crash at the 1978 Italian Grand Prix , Watkins demanded that Ecclestone provide better safety measures, which were provided at

3450-439: The next race. This way, Formula One began to improve safety, decreasing the number of deaths and serious injuries along the decades. At the 1994 San Marino Grand Prix , following Ayrton Senna 's fatal accident but while Senna was still alive, Ecclestone inadvertently misinformed Senna's family that Senna had died. Ecclestone had used a walkie-talkie to ask Sid Watkins - who was at the crash scene - about Senna's condition. Over

3519-556: The other domestic appliances." Following Patrick's 2008 victory at Twin Ring Motegi, Ecclestone personally sent her a congratulatory letter. On 7 January 2010, it was announced that Ecclestone had, together with Genii Capital , submitted a bid for Swedish car brand Saab Automobile . On 3 September 2007, it was announced that Ecclestone and Flavio Briatore had bought Queens Park Rangers (QPR) Football Club . In December 2007, they were joined as co-owners by businessman Lakshmi Mittal ,

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3588-506: The proceedings ended the following day, Justice Andrew Park announced his intention to reserve ruling for several weeks. On 6 December 2004, Park read his verdict, stating that "In [his] judgment it is clear that Speed's contentions are correct and [he] should therefore make the declarations which it requests." However, Ecclestone insisted that the verdict – seen almost universally as a legal blow to his control of Formula One – would mean "nothing at all". He stated his intention to appeal against

3657-495: The public's frustration at the resultant six-car race. Despite him not having caused the problem, fans and journalists blamed him for failing to take control and enforce a solution, given the position of power in which he had placed himself. On 25 November 2005 CVC Capital Partners announced it was to purchase both the Ecclestone shares of the Formula One Group (25% of SLEC) and Bayerische Landesbank's 48% share (held through Speed Investments). This left Alpha Prema owning 71.65% of

3726-413: The richest men in the United Kingdom. Ecclestone was replaced by Chase Carey as chief executive of the Formula One Group in 2017. He was subsequently appointed as chairman emeritus and acted as an adviser to the board. Ecclestone and Flavio Briatore also owned the English football club Queens Park Rangers between 2007 and 2011. Over his four-decade career as an executive in Formula One, Ecclestone

3795-431: The rights to MotoGP . CVC announced the completion of the transaction on 28 March. CVC acquired Lehman Brothers' share at the end of March 2006. Allsport Management SA , owned by Paddy McNally was also acquired by CVC on 30 March. On 21 July 2007, Ecclestone announced in the media that he would be open to discussing the purchase of Arsenal Football Club . As a close friend to former director of Arsenal David Dein, it

3864-407: The son of British fascist leader Oswald Mosley , "would do a super job" as Prime Minister and added "I don't think his background would be a problem." Stephen Pollard , editor of The Jewish Chronicle , said: "Mr Ecclestone is either an idiot or morally repulsive. Either he has no idea how stupid and offensive his views are or he does and deserves to be held in contempt by all decent people." In

3933-480: The static of the walkie-talkie, Ecclestone misheard Watkins' response of "His head" as "He's dead". Based on this, Ecclestone told Senna's brother Leonardo, who was attending the race, that Senna had died. Senna in fact remained biologically alive for several more hours. This misunderstanding caused a rift in the hitherto friendly relations between Ecclestone and the Senna family; although Ecclestone travelled to Sâo Paulo at

4002-488: The time of Senna's funeral, he did not attend the funeral itself, instead watching it on television at his hotel. Despite heart surgery and triple coronary bypass in 1999, Ecclestone remained as energetic as always in promoting his own business interests. In the late 1990s he reduced his share in SLEC Holdings (owner of the various F1 managing firms) to 25%, though despite his minority share he retained complete control of

4071-485: The trial. In the weeks following the events of the murder of George Floyd , seven-time world champion Lewis Hamilton , F1's only black driver, had launched his own commission to tackle racism and increase diversity, with Formula One launching a We Race As One initiative to fight global inequality. In an interview with CNN , Ecclestone initially praised Hamilton's efforts but then questioned whether it would "do anything bad or good for Formula One", before saying that "In

4140-414: The turn 17 hairpin at Museu de les Ciències Príncipe Felipe . Right-handed and a good spot for overtaking, turn 17 is taken at about 97 km/h (60 mph). A series of flat-out, or near flat-out sweeping curves follow, with the right-handers of turns 19 and 20 the most challenging of the bunch. Turn 25 is a hairpin, taken at about 97 km/h (60 mph); the run to the line following this left-hander

4209-466: The whole team, which Tauranac eventually accepted. Tauranac stayed on as designer and to run the factory, while Colin Seeley was briefly brought in against Tauranac's wishes to assist in design and management. Ecclestone and Tauranac were both dominant personalities and Tauranac left Brabham early in the 1972 season . The team achieved little during 1972, as Ecclestone moulded the team to fit his vision of

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4278-434: Was 5.419 km (3.367 mi) long and incorporated a total of 25 turns – 11 left-handers and 14 right-handers. It was estimated that the track had a top speed of around 323 km/h (201 mph), with a lap record of 1:38.683, set by Timo Glock during the 2009 European Grand Prix . Valencia was not as tight as Circuit de Monaco but overtaking opportunities were still scarce, due to the straights not being straight and

4347-537: Was already a Spanish Grand Prix at the Circuit de Catalunya . Initially, the deal was rumoured to be conditional on the People's Party winning regional elections on 27 May 2007. On 16 May, Ecclestone clarified his comments, explaining "I said I wouldn't formalise a contract until after the elections because I didn't know who I would be signing it with" and claiming his earlier statements had been taken out of context. Ecclestone

4416-417: Was believed that the current board of the north London–based football club would prefer to sell to a British party, this after American-based investment company KSE headed by Stan Kroenke was thought to be preparing a £650 million takeover bid for Arsenal Holdings plc. The revenue sharing with the various teams, the Concorde Agreement, expired on the last day of 2007, and the contract with the FIA expired on

4485-995: Was humorously referred to as the Tycoon by his aides John Nicolay and John Hay . The term spread to the business community, where it has been used ever since. Modern business magnates are entrepreneurs that amass on their own or wield substantial family fortunes in the process of building or running their own businesses. Some are widely known in connection with these entrepreneurial activities, others through highly-visible secondary pursuits such as philanthropy , political fundraising and campaign financing, and sports team ownership or sponsorship. The terms mogul , tycoon , and baron were often applied to late-19th- and early-20th-century North American business magnates in extractive industries such as mining , logging and petroleum , transportation fields such as shipping and railroads , manufacturing such as automaking and steelmaking , in banking , as well as newspaper publishing. Their dominance

4554-495: Was involved in several controversies . With the birth of his son in 2020, he became the sixth-oldest father in human history . In October 2023, Ecclestone was convicted of tax fraud at Southwark Crown Court , and agree to pay HM Revenue and Customs over £ 650 million in back taxes and penalties; he was sentenced to 17 months in prison, suspended for two years. Ecclestone was born on 28 October 1930 in St Peter, South Elmham ,

4623-632: Was later cleared of influencing the election by the Valencian Electoral Commission. The official track layout was unveiled by Valencia Councillor and transport counselor, Mario Flores, on 19 July 2007. The track was first used in the last weekend of July 2008, as the circuit hosted a round of the Spanish F3 Championship and International GT Open . It was first used for the European Grand Prix on 24 August 2008. The track

4692-510: Was linked to the sale of a stake in Formula 1. Gribkowsky, the BayernLB bank executive, was found guilty of taking $ 44m in bribes and failing to pay tax on the money. On 14 January 2014, a court in Munich ruled that Ecclestone would indeed be tried on bribery charges in Germany, and on 5 August 2014, the same court ruled that Ecclestone could pay a £60m settlement, without admitting guilt, to end

4761-676: Was rumoured to have been involved in the Great Train Robbery (1963) . In a 2014 interview Ecclestone claimed that this rumour arose from his acquaintance with robber Roy James, the getaway driver who was an amateur racing driver. James later produced the silver trophy given to Formula One promoters. In 1997, Ecclestone was involved in a political controversy over the British Labour Party 's policy on tobacco sponsorship. Labour had pledged to ban tobacco advertising in its manifesto ahead of its 1997 general election victory , supporting

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