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Ecclestone facing multi-million pound lawsuit over the sale of F1

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Aug.18 – Formula 1 boss Bernie Ecclestone is reportedly facing a “multi-million pound lawsuit” over the sale of Formula 1 to CVC. Bernie has already been officially accused of paying a £26.6m bribe to the German banker Gerhard Gribkowsky through the sale of Formula 1. But, he now also faces a lawsuit, which has been lodged in the High Court.

Daily Telegraph reported, German media giant and former owner of F1 Constantin Medien has lodged a case against Ecclestone, his holding company Bambino Holdings, his business partner Stephen Mullens and the German investment banker Gerhard Gribkowsky. Newspaper reports that it is “understood the case involves allegations that the deal to sell F1 to CVC Capital Partners for $1.7bn in 2005 was manipulated by the defendants resulting in Constantin missing out on over $100m in payments.”

“The (Inland) Revenue obviously had to check everything. It took five years going through that. I didn’t deal with it,” told the Daily Telegraph.

“The trust had to show it was correct. The taxation people in England at the time were in the middle of settling everything with the trust and the last thing you need is for them to start thinking something different. He (Gribkowsky) was shaking me down and I didn’t want to take a risk. Nothing was wrong with the trust. Nothing at all.”


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