Shanghai F1 Boss Jailed For Corruption

The Chinese entrepreneur who brokered the deal with Formula One Management for Shanghai to host a F1 race has been jailed for four years under charges of corruption.

Yu Zhifei, ex-manager of the Shanghai International Circuit, was convicted of embezzling more than 1m yuan (£69,500) during the late 1990s during his time as head of Shanghai Shenhua football club.

Yu is one of a number of the city’s top officials arrested and expelled from the Communist Party for corruption.

Between 2004 and 2006 Yu helped to develop Shanghai’s multi-million pound state-of-the-art F1 racing track, which went on to host the country’s first Grand Prix in September 2004 after striking a deal with Bernie Eccelstone’s FOM.

Yu was convicted at a court in Wuhu City, Anhui province, of embezzling funds from Shenhua Football Club to pay for a luxury home.

Yu is considering whether to appeal against his conviction.