Posted February 20, 2014 on AP on Fox
Formula 1 boss Bernie Ecclestone won a multimillion-dollar case at London's High Court relating to the sale of F1 in 2005 on Thursday but the judge nevertheless said it was a corrupt deal. A former F1 shareholder, German media company Constantin Medien, had sued Ecclestone and other defendants for up to $144 million, claiming F1 was undervalued at the time of the sale to investment group CVC Capital Partners. Ecclestone was accused of entering into a ''corrupt agreement'' with a banker to facilitate the sale of Formula One Group to a buyer chosen by him. Britain's High Court ruled Thursday that the deal was corrupt, but said that Constantin Medien did not lose out as a result. During the trial, which ran from October to December last year, Constantin Medien's lawyers said that payments totaling about 27 million pounds ($45 million) were made to German banker Gerhard Gribkowsky at the instigation of Ecclestone. Gribkowsky, who was in charge of selling German bank BayernLB's 47-p...
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