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Rediff.com  » Sports » Ecclestone's business partner quits

Ecclestone's business partner quits

September 11, 2011 17:16 IST

Stephen Mullens, the long-time business partner and legal adviser to Bernie Ecclestone, has severed all ties with Formula One amid an ongoing legal battle over the 2005 sale of the sport, the Sunday Times reported.

No one at Formula One Management was immediately available to comment.

The newspaper, without giving many details, said Mullens had resigned from seven companies which administer the sport's commercial affairs.

Ecclestone is at the centre of an investigation in Germany, however the Formula One supremo told reporters in July that he was not concerned about his position.

He has confirmed making a payment to a former Germany banker who has since been charged with breach of trust and tax evasion.

Former Bayern LB banker Gerhard Gribkowsky was arrested in January in relation to the 2006 sale of his bank's 48 percent stake in Formula One to current rights holders CVC and alleged payments to him of $50 million.

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