News Details
F1 was undervalued by £400m say prosecutors
Despite a UK judge ruling otherwise, and despite masses of evidence to the contrary from the seller, German prosecutors still believe that Formula One was undervalued when it was bought by the private equity firm CVC for £1.2bn ($2bn) in 2006. The claim is made in the indictment against F1's boss Bernie Ecclestone according to an article in the Sunday Express by Christian Sylt.It is one of the claims at the heart of Ecclestone's bribery trial, which is currently under way in Munich, and the alleged undervaluation is supported by testimony from John Gregg, the former chief financial officer of British telecoms firm NTL.Ecclestone and his Bambino family trust have been accused of...
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9y ago from Pitpass.com
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