F1 owners to release documents in $171m damages case

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CVC Capital Partners, the owners of Formula One, have been ordered to release hundreds of documents as a German media group pursues them in court for damages of $171 million.

Constantin Medien claim a stake held in F1 by the BayernLB bank was undervalued when CVC purchased F1 in 2006. The case will begin in October.

The Financial Times reported CVC will have to hand over due diligence reports on F1, items from a letter Bernie Ecclestone sent to CVC about F1’s income, CVC application for a loan, minutes of meetings, financial modeling and tax information.

Among those expected to be called as witnesses are Ecclestone, F1’s chief financial officer Duncan Llowarch and CVC co-chairman Duncan MacKenzie. Ecclestone’s lawyers say the stake was sold for a fair price.

The case comes at a sensitive time for F1’s owners as Ecclestone faces charges of bribing German banker Gerhard Gribkowsky during the sale of F1 to CVC.

The timing of the Constantin Medien case is set to coincide with CVC and Ecclestone’s plan to float F1 on the Singapore stock exchange later this year and could jeopardize their plans. A previous attempt to float F1 last year was postponed due to volatility in world markets.

Defending winner Takuma Sato to grace front of 2018 Indy 500 tickets

Photos: IMS/Chris Owens
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The Indianapolis Motor Speedway has unveiled what the ticket for the 102nd running of the Indianapolis 500 will look like.

The ticket features blue and red foil stamped with a sculptural embossing of last year’s 500 winner, Takuma Sato, in victory lane, holding the ceremonial winner’s bottle of milk. Sato became the first Japanese driver to win the Greatest Spectacle In Racing, driving for Andretti Autosport.

The ticket was revealed Thursday during a ceremony at the Indiana Statehouse that featured Sato, now with Rahal Letterman Lanigan Racing, as well as Indiana Governor Eric Holcomb, Hulman & Company President and CEO Mark Miles, IMS President J. Douglas Boles and Hulman Motorsports Senior Vice President of Events Allison Melangton.

The Indianapolis 500 presented by PennGrade Motor Oil will be held Sunday, May 27 at IMS.

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