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Formula One Group faces fraud probe by SFO

Jaclyn Jaeger | August 28, 2017

The Formula One Group recently confirmed in a securities filing that the U.K. Serious Fraud Office is in its “pre-investigation” stage concerning fraud allegations made against it by a U.K. member of Parliament.

“As reported in certain media outlets, it is understood that a U.K. member of Parliament has written to the U.K.’s Serious Fraud Office to raise certain issues in relation to the 2013 Concorde Implementation Agreement made between Formula 1 and the governing body of world motorsport, the Federation Internationale de l’Automobile,” the securities filing stated.

The investigation concerns allegations made to the SFO by Damian Collins, a parliament member who chairs the Culture, Media and Sport Committee, following reports by British media outlets that a deal made between Formula One Group (the commercial rights holders of Formula 1) and the Federation Internationale de l’Automobile (FIA) potentially violated the U.K. Bribery Act. This deal is referred to as the...

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