Read news from:
Austria
SHARE
COPY LINK

ECCLESTONE

German bank sues Ecclestone for €345mn

German bank BayernLB is seeking €345 million ($423 million) in a lawsuit against Formula One magnate Bernie Ecclestone over the 2006 sale of the sport's rights, according to a report.

Published: 20 December 2014 23:09 CET
German bank sues Ecclestone for €345mn
Photo: DPA

German press agency DPA say the Bavarian bank has filed a fresh suit in Munich against the 84-year-old Ecclestone, the chief executive officer of Formula One.

The Bavarian state bank, who were unavailable for comment on Friday, accuses the British billionaire of bribing one of its executives to influence the 2006 sale of Formula One's rights.

Ecclestone has counter-sued BayernLB by filing a suit in London, according to reports.

In August, Ecclestone avoided a possible prison sentence by agreeing to pay $100 million to settle a case in Munich after state prosecutors said he paid BayernLB executive Gerhard Gribkowsky $44 million as a bribe to help smooth the sale.

Ecclestone has never denied paying the money, but said he was blackmailed into paying the huge sum or would have risked losing the Formula One rights.

The corruption case tainted the Formula One chief's tenure for more than three years.

Gribkowsky is serving an eight and a half year sentence for corruption and tax fraud after accepting the money.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

F1

F1 boss ‘trying’ to save German Grand Prix

Formula One supremo Bernie Ecclestone hopes to keep the German Grand Prix on this season's calendar despite money problems at the tracks, he said in an interview published by Britain's Press Association on Tuesday.

Published: 4 February 2015 08:18 CET
F1 boss 'trying' to save German Grand Prix
Photo: DPA

The 84-year-old British business magnate appeared to rule out the possibility of the race happening in an email sent to a German newspaper on Monday in which he said it would not be "commercially viable". 

But he subsequently backtracked and said he would know by this weekend whether the race will take place or not.

Referring to Germany's two F1 circuits, Hockenheim and Nurburgring, Ecclestone, chief executive of the Formula One group, said: "Basically we haven't a contract with either venue.

"We are trying to get something done, we are trying to help them. In the end, and God only knows why, the audience in Germany is lousy.

"I've no idea why it should be, because they've a German manufacturer in Mercedes who are constructors' champions, they had a driver in Sebastian (Vettel) who won four successive drivers' championships.

"But they have not been selling enough tickets to make it work. It's purely commercial, so I'm trying to be a little bit helpful to them.

"We're trying to rescue it, but I can't guarantee we will. We are doing our best, and maybe by this weekend we'll have an answer. I hope so." 

The German Grand Prix traditionally alternates between Hockenheim and Nurburgring and was due to take place at the latter this year, but the venue has been beset by financial difficulties.

"If we do something, it is looking like Hockenheim will probably be the most-likely venue," Ecclestone added.

"The bottom line is there is still a chance and we hope to know more by the weekend."

This year's race is scheduled to take place on July 17-19.

SHOW COMMENTS