Connect with us

Uncategorized

F1 boss Bernie ready to battle with German bank

Published

on

Formula 1 commercial right holder Bernie Ecclestone is ready to fight with German bank BayernLB over a £320million payment it is seeking.

Press Association reported that A German bank is seeking damages from Formula One boss Bernie Ecclestone over the sale of its stake in the racing series it says was compromised by a bribe to one of its bankers.

BayernLB spokesman Matthias Luecke says the bank wrote to Mr Ecclestone’s lawyers this week seeking damages but declined to discuss details.

German daily Sueddeutsche Zeitung says the claim is over 400 million dollars (£248m). The suit centres on a BayernLB banker, who was convicted this summer of taking a 44 million dollar (£27m) illegal payment over the 2006 sale of the bank’s stake in the company running Formula One. Bank officials argue the reported 750 million dollars (£465m) price tag was 350 million dollars (£217m) too low.

Prosecutors said the payment to the banker was a bribe from Mr Ecclestone. The billionaire is under investigation.

F1 boss is not prepared to resolve over the subject, but, so says he will take the issue to court if needed.

“Absolutely,” he was quoted as saying by the Press Association. “I’ve been blackmailed twice. I don’t want it to be a third time.

“But there’s nothing to worry about. I’m not worried. I’m aggravated with the nonsense I’m being put through for all this. I sold the shares for the bank. It was something they couldn’t sell.

“They had six people look at it and wouldn’t buy. I got them out of trouble and now I’m in trouble. Life is like that sometimes.”


http://www.formula1onlive.com/feeds/posts/default?alt=rss
Comments

Latest Results




Latest F1 News

2018 F114 hours ago

Raikkonen could return to Sauber F1 for 2019

329SharesThe signs are growing ever stronger that Ferrari will have a new driver in 2019. Kimi Raikkonen admits that it...

2018 F115 hours ago

Red Bull encourages Honda power to prepare for 2019 F1

1ShareRed Bull is encouraging Toro Rosso and Honda to help the senior energy drink-owned team prepare for 2019. Honda already...

2018 F11 day ago

Hamilton and Vettel Battling For The F1 Title

238SharesThe British Grand Prix at Silverstone is one that Lewis Hamilton and Mercedes have dominated for years and that trend...

2018 F14 days ago

Can Red Bull Challenge Mercedes And Ferrari?

24SharesSo, things didn’t exactly go to plan for Lewis Hamilton and Mercedes at Silverstone as the Brit made a disastrous...

2018 F15 days ago

Liberty working on securing future of British GP – Brawn

5SharesRoss Brawn says Liberty Media is working on securing the future of the British grand prix. Silverstone owner the BRDC...

2018 F15 days ago

Grosjean form ‘unacceptable’ – Haas F1

1ShareGunther Steiner says a “critical moment” could come amid his patience with struggling Haas driver Romain Grosjean. Frenchman Grosjean has...

2018 F15 days ago

No ‘negotiations’ with Raikkonen yet – McLaren

36Shares Zak Brown says McLaren has not yet opened contract talks with former team driver Kimi Raikkonen. It is rumoured in...

2018 F15 days ago

Wolff wants Hamilton beyond 2020

660SharesToto Wolff has revealed he wants to keep Lewis Hamilton at Mercedes even beyond 2020. Although not yet announced, it...

2018 F16 days ago

Renault engine power deficit a bigger problem – Verstappen

5SharesMax Verstappen says Red Bull’s title chances have taken a dive. Although the Dutchman won in Austria, he says at...

2018 F17 days ago

Ricciardo admits 2019 Red Bull contract ‘likely’

1ShareDaniel Ricciardo now says it is “likely” he will stay at Red Bull in 2019. Earlier, the Red Bull driver...




Most Popular

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment.

References
We could use the following leading F1 news sources for stories: SkyF1, BBC F1, Autosport, ESPN F1, FIA Media Center, MotorSport, JamesAllen and others leading authors blog.

All Rights Reserved © 2017 Prime Sport Media