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Ecclestone waives Bahrain fees

Formula One boss Bernie Ecclestone, has waived the $40 million licensing fee due from Bahrain Grand Prix organisers after the season-opening race was cancelled because of the on going unrest in the Gulf. Technically, the licensing fee should still be payable despite the cancellation, although Ecclestone told The Daily Telegraph on Wednesday that "the fee that is normally being paid for the event is not being paid." "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." If the Bahrain GP can't be rescheduled for later in the season then the Formula One Management stands to lose tens of millions of dollars. Ecclestone continued by saying the The Times "Nobody gains from this. 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." Australia will now host the season-opener on March 27. Image ©Andrew Hone

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