Originally posted on FOX Sports  |  Last updated 6/21/12
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...
MORE FROM YARDBARKER:
One Gotta Go: NFL Legends (and Jose Canseco!) Have No Love For Captain America
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

The NFL is thinking about eliminating the preseason

Romo expected to miss 6-10 weeks with broken bone in back

Kaepernick explains why he is protesting national anthem

Dwyane Wade’s cousin shot and killed in Chicago

NFL tries to reduce kick returns, promptly causes more kick returns

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

San Francisco Giants inching closer to a record they really don’t want

Clint Dempsey undergoing testing for irregular heartbeat

Troubling details emerge from Jeremy Jeffress' DWI arrest

Chargers would welcome Joey Bosa if he signed contract

Falcons rookie Keanu Neal needs surgery on knee

Jerry Jones unhappy with Ezekiel Elliott's dispensary visit

Heading into the homestretch: 2016 ROY favorites

Premier League notebook: The love affair at Man U

One Gotta Go: NFL legends talking comedians is no joke

It's all about timing: The evolution of the clock in sports

Predicting the unpredictable: Your MTV VMAs rundown

10 great moments in the career of Roberto Duran

Marshall’s first impression of Fitzpatrick: ‘He was terrible’

One Gotta Go: NFL legends bring the hate for fast food

What you need to know about the Champions League draw

Six worst quarterback situations in the NFL

Can the San Francisco Giants bust their teamwide slump?

A look at 2016 college football conference changes

All Sports News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

Premier League notebook: The love affair at Man U

Heading into the homestretch: 2016 ROY favorites

One Gotta Go: NFL legends talking comedians is no joke

It's all about timing: The evolution of the clock in sports

Predicting the unpredictable: Your MTV VMAs rundown

10 great moments in the career of Roberto Duran

The 20 best boxing movies of all time

One Gotta Go: NFL legends bring the hate for fast food

What you need to know about the Champions League draw

Can the San Francisco Giants bust their teamwide slump?

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker