News Details

Ecclestone refuses to settle with German bank

German bank BayernLB has threatened to sue Bernie Ecclestone for undervaluing Formula One as his lawyer says he has refused to settle with it according to an article in the Daily Telegraph by Christian Sylt.The dispute surrounds the sale of a controlling stake in F1 by BayernLB to the private equity firm CVC for £500m ($828m) in 2006. Last year Ecclestone was charged in Germany with paying a £26.6m ($44m) bribe to steer the sale to CVC and earlier this month he paid a settlement of £60.4m ($100m) to the prosecutors to end the case.BayernLB claims it lost out as higher bidders would have come forward if Ecclestone had not engineered the sale to CVC. He recently offered the...
Full Story »
3mo ago from Pitpass.com 0
Share

You May Also Be Interested In...

Bank wants more cash from Ecclestone for settlement

Bernie Ecclestone with Gerhard Gribkowsky during the 2005 Italian GP...
3mo ago from GrandPrix247.com

Bank ‘not closed’ to higher Ecclestone settlement

Bank ‘not closed' to higher Ecclestone settlementPosted On 22 Aug...
3mo ago from ThisIsF1.com

F1 boss Ecclestone pays to end trial

A German court has agreed to end the bribery trial of Formula 1 boss...
3mo ago from BBC.co.uk

Ecclestone: We will be there

Bernie Ecclestone insists Formula 1 will be in Russia later this season...
3mo ago from PlanetF1.com

Comments

comments powered by Disqus

Hottest News

Abu Dhabi F1 test times: Wednesday (4pm)

The latest times from the final day of testing at... Read More »
10h ago from Crash.net

Alonso takes a swipe at Ferrari's Marlboro Man shakeup

Former Ferrari driver Fernando Alonso has wasted... Read More »
14h ago from GrandPrix247.com

Driver reunion could make McLaren stronger – Dennis

Even Ron Dennis is now beginning to hint that... Read More »
3h ago from ThisIsF1.com

Recent News

2014 GPToday.com
GPToday.com is not responsible for the news headlines and associated descriptions and images it indexes, the content of externally linked sites or the comments & postings of its users.

This website is unofficial and is not associated in any way with the Formula One group of companies. F1, FORMULA ONE, FORMULA 1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing B.V.