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Ecclestone and CVC face £409m lawsuit
Bernie Ecclestone and CVC Capital Partners, the company which he represents and which holds a majority stakeholding in F1, are facing a £409m lawsuit from American firm Bluewaters Communications Holdings. The company was one of those which failed to buy a controlling stake in the sport, when CVC was the winning bidder in 2006. Six years ago, CVC acquired the majority stakeholding of F1 as it submitted a £1.1 billion-pound bid, taking the reigns from German bank BayernLB. However, according to London newspaper City A.M., Bluewaters argues that it was the rightful owner because it offered ’10 percent above any genuine bona-fide offer put forward by any other competing...
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13y ago from GPUpdate.net
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