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BayernLB files £270m lawsuit against Ecclestone
Bernie Ecclestone is being sued by German bank BayernLB over the sale of the sport in 2006, a spokesman for the bank confirmed this week. The company believes the sport was undervalued when it was sold to CVC Capital Partners, therefore undervaluing its stake. BayernLB is reportedly seeking compensation of £270 million (€345m, $420m), believing Ecclestone is guilty of bribing german banker and then-BayernLB employee, Gerhard Gribkowsky. "BayernLB has filed a law suit against Mr. Ecclestone, the family foundation Bambino and others and is asking for damages of €345 million plus interest," a spokesman told Reuters. "When the bank's stake in Formula One was sold...
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11y ago from TheF1Times.com
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