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Ecclestone takes the stand in F1 payment case
Bernie Ecclestone defended himself Wednesday at the High Court in London against allegations he made a 'corrupt' payment to protect his position running Formula 1. Former F1 shareholder Constantin Medien, a German media company, is suing Ecclestone and other defendants for up to $144 million, claiming F1 was undervalued at the time the BayernLB bank sold its stake. Ecclestone, whose grip on the glamorous sport is being threatened by the case, is accused of making a 'corrupt bargain' with Gerhard Gribkowsky of BayernLB. Gribkowsky was allegedly paid $44 million after ensuring the bank's 47 percent stake was sold in 2005 to a buyer of Ecclestone's choosing, investment group CVC Capital...
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11y ago from F1Pulse.com
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