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...
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