Bank sues Ecclestone over F1 sale

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Published: Friday 19th December 2014 by The News Editor

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German state bank BayernLB is suing Bernie Ecclestone and his family holding Bambino for around 345 million euros (£270m) in relation to the sale of its stake in Formula One.

BayernLB reportedly announced the move in Munich.

The bank rejected a 25 million euro (£20m) settlement offer from Ecclestone in August, after a Munich court dropped a bribery case against the 83-year-old Englishman.

BayernLB claims the purchase contract was terminated in 2005 under conditions “that were set by Ecclestone and were detrimental to the bank”.

The charges in the now-closed bribery trial centred on a £28m payment by Ecclestone to former BayernLB executive Gerhard Gribkowsky, who is serving an eight-and-a-half year sentence for taking the money.

Published: Friday 19th December 2014 by The News Editor

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