Originally written on Fox Sports  |  Last updated 11/18/14
A former German banking executive said in court that he accepted $44 million in alleged bribes from Formula 1 mogul Bernie Ecclestone in connection with a 2005 sale of a stake in the auto-racing franchise. Gerhard Gribkowsky, the former chief risk officer of German lender BayernLB, said in a Munich court Wednesday that he admitted to the charges brought by state prosecutors, according to a court spokeswoman. Gribkowsky was arrested early last year after Munich prosecutors launched a probe into allegations that he accepted bribes from Ecclestone to divest BayernLB's stake in Formula 1 for far below the actual value. BayernLB sold its roughly 50 percent stake in Formula One's holding company to CVC Capital Partners for an undisclosed amount in 2005. Industry insiders at the time estimated the company was valued at between $2 billion and $4 billion. Ecclestone stayed on as chief executive of Formula 1 and retained a minority stake. Ecclestone, who hasn't been charged with any wron...
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