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Ecclestone: What I paid him was a very small amount, what I call an insurance policy
Ecclestone: What I paid him was a very small amount, what I call an insurance policy 7 November, 2013 Bernie Ecclestone with Gerhard Gribkowsky at the 2005 Turkish GP A multi-million dollar payment to a jailed German banker was an 'insurance policy', Formula One Chief Executive Bernie Ecclestone said on Wednesday, denying it was linked to the sale of a stake in the business to private equity firm CVC.
Billionaire Ecclestone is defending a $100 million damages claim brought by German media firm Constantin Medien who accuse him and three other defendants of deliberately undervaluing Formula One in the 2005 sale to safeguard his position as CEO.
The legal fallout from the sale of a...
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