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Ecclestone wins his multi-million dollar case after F1 deal corrupt

21699Formula 1 official right holder, Bernie Ecclestone has won his multi-million dollar case in the High Court. The judge says as rejected an £85m damages claim against F1 boss Ecclestone.

Mr Justice Newey, in the High Court in London, said there had been a “corrupt” deal with a German banker to facilitate the sale to a preferred buyer. The BBC reporting

But he said there had been no financial loss to German media group Constantin Medien. It said it would appeal. Constantin Medien had an interest in the 2006 sale of a stake in F1 belonging to the German bank Bayern LB (BLB), bought by private equity group CVC Capital Partners.

Lawyers for Constantin Medien claimed that the sale was agreed “without the normal and proper process” and for an undervalued price, and was seeking £85m (103m euros) in compensation.

“The payments were a bribe,” judge Guy Newey said in his conclusions.

“They were made because Mr Ecclestone had entered into a corrupt agreement with Dr Gribkowsky in May 2005 under which Dr Gribkowsky was to be rewarded for facilitating the sale of BLB’s shares in the Formula One group to a buyer acceptable to Mr Ecclestone.”

But, the judge added: “No loss to Constantin has been shown to have been caused by the corrupt arrangement with Dr Gribkowsky. That fact is fatal to the claim.”

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