Chapter 225: Chapter 225 Responsibility is important
As for why Baron, knowing that Bernie Ecclestone was a shrewd man, wanted to cooperate with him instead of directly buying the shares of SLEC held by the three banks?
There are reasons for this. First of all, it was not only CVC Investment Company, which cooperated with Bernie, that contacted three banks including Bayerischer Bank and hoped to buy their shares in SLEC. Moreover, the bids offered by others were not low. In the end, only CVC Investment Company succeeded. Why?
In 2013, Bernie Ecclestone was prosecuted by a German court on charges that he bribed banker Gribkowski, who handled F1 equity transactions, with $44 million between 2004 and 2005, helping CVC buy shares at a very low price, causing Bayern Bank to suffer huge losses.
Gribkovsky was in charge of the sale of SLEC shares by Bayerischer Hofbank.
Bernie did this because CVC was the only potential buyer who promised to let Bernie retain control of the F1 management company.
However, the court eventually ruled that the bribery charge was not established, and Bernie paid $100 million to settle the case. The outside world accused the court of being pacified by Bernie with money, but Bernie said with disdain: "This idiotic matter is finally over."
Therefore, in order to continue to maintain the operating rights of F1, Bernie dares to use any means.
By working with him, Barron could buy SLEC shares from Bayern Bank at a lower price, just like CVC Investment Company, and let Bernie do all the dirty work. Why not?
And Baron himself has no intention of actually managing the commercial operations of the F1 race himself. He just needs to maintain his influence on the event.
Because, after all, the development of F1 is inseparable from Bernie Ecclestone.
Because the normal operation of F1 is inseparable from the cooperation of 12 F1 teams and the support of FIA, and Bernie is the best mediator among them.
If we still want F1 to continue to develop stably, there is currently no more suitable successor than Bernie in the F1 world and the entire racing circle.
And in the final analysis, at Bernie's current age, it is impossible for him to stay in F1 for too long. It would be perfect if he could leave a better event for himself by then.
"I have many choices. How do you want to convince me?"
Facing this young man who is half a century younger than him, Bernie asked directly when the two were talking privately.
Knowing that this cunning old man was still bluffing, Barron was naturally not panicked at all:
"You know, Mr. Ecclestone, not only do I own a media group in the UK, but I also hold shares in the Sinclair Group, which is one of the top television broadcasting groups in the United States. Therefore, cooperating with me will be of great benefit to the promotion of F1, and..."
He looked at Bernie and said calmly:
"You said you had many options, but I am afraid I am the only one who can guarantee that you will still lead the commercial operations of F1 after buying SLEC."
It is now clear that Bernie has not yet reached a cooperation with CVC Investment Company, otherwise there would be no Barron, so he is confident in saying this.
"How do you provide assurance?"
"After the acquisition is completed, you will still be the president of this company, and we will not interfere with the company's operations without harming our interests. These can be written into the agreement."
After hearing Barron's words, Bernie Ecclestone was silent for a moment, then asked expressionlessly:
"What I am also concerned about is, can you come up with so much money now? I know you have made several acquisitions at sky-high prices, but they were all leveraged buyouts, which also left you with a lot of debt. You know, SLEC is a company worth 1 billion pounds..."
"Regarding this, Mr. Ecclestone, you can rest assured. Since I took the initiative to come to you today, it is not without purpose. However, in terms of the acquisition price, as the future head of F1, you also need to show your value..."
Baron knew that in his previous life, CVC spent more than 700 million pounds to complete the acquisition of 100% of SLEC's shares. Even with some "other" expenses, the total did not reach 800 million pounds.
By selling his 25% stake in SLEC, Bernie Ecclestone also earned £200 million...
It will not be difficult for Barron to take out these funds after the final acquisition is confirmed next year.
What he cared about was whether he could take over SLEC with the help of Bernie Ecclestone, just like in his previous life.
You have to know that in the past life, when the American Liberty Media Group acquired this company in 2017, it spent a full $8 billion!
This in and out is a huge profit.
"Then, happy cooperation."
Facing Bernie Ecclestone who smiled and extended his hand to him, Barron also smiled and shook hands with him.
With these tacit understandings reached, Barron's conversation with Bernie Ecclestone became casual.
Of course, this inevitably leads to talking about Bernie's daughter, Tamaran.
With the old man's keenness, how could he not see that his daughter had a crush on the young and handsome Duke in front of him...
This can no longer be called a good impression. Bernie even has no doubt that with his daughter's performance, she might accidentally give birth to a grandson.
If his daughter could marry Barron, Bernie Ecclestone would certainly not object to their relationship.
Not only will they not oppose it, they will also encourage it to happen.
But the key point is that everyone in England knows that Barron has a girlfriend...
So during the chat, Bernie Ecclestone couldn't help but say:
"I understand that when you are young, you will enjoy yourself to the fullest, but when you reach a certain age, you will understand that responsibility is the most important thing..."
He looked at Barron and said meaningfully:
"Tamaran is still young, and I hope she can gradually understand this truth."
Well, after hearing the old man preach such truths to him, Barron felt a little... weird.
But even though the old man has always been eating young grass, he is still young at heart at the age of 90...
But it is true that his wives are younger and younger. Outside of marriage, there are really not many problems...
"I understand, Mr. Ecclestone, Tamaran and I are just friends, and I have always respected her very much..."
As for what will happen to her, this is what worries Barron. She is too outstanding and so attractive. What should I do if Tamaran is so proactive?
"Have you finished talking about your business? Dad, I still want to talk to Barron..."
Speak of the devil, and here he comes. Perhaps because she saw that the two men did not seem to be talking about business, or perhaps she was simply impatient to wait, Tamaran walked over to them and spoke coquettishly to the old man.
"Okay, then I'll go talk to the others, you guys chat."
Before leaving, Bernie Ecclestone did not forget to glance at Barron, probably to remind him.
"My father didn't tell you...say anything about me."
After Bernie Ecclestone left, Tamaran looked at Barron with his big eyes and asked carefully.
"No, Mr. Ecclestone did compliment you, but mostly we talked about business."
"F1 racing? He's so obsessed with that, I don't even think it's that interesting."
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