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.
Greaves car, lineup confirmed for FIA WEC’s Mexico City race
Junqueira (above) back in action. Photo: Getty Images
Diaz (right) is another prototype class veteran, with recent PC experience (8Star Motorsports and PR1/Mathiasen Motorsports) added to his LMP2 days with Fernandez Racing.
All three of them also competed in Champ Car World Series races in Mexico City, with Gonzalez and Diaz part of a six-Mexican driver entry in the 2003 race (Adrian Fernandez, Michel Jourdain Jr., Mario Dominguez and Rodolfo Lavin).
Ricardo Gonzalez co-drives the No. 43 RGR Sport Ligier JS P2 Nissan with Bruno Senna and Filipe Albuquerque in the WEC.
Around two-thirds of the Formula E grid also race in the WEC, with the two championships preventing clashes so that drivers do not have to pick between them. As a result, it seems inevitable that one of the races will have to change date.
Jolyon Palmer felt “gutted” after a likely top-10 finish in Sunday’s Hungarian Grand Prix was lost following a spin in the closing stages, costing him his first Formula 1 points.
2014 GP2 champion Palmer joined Renault for its return to F1 as a constructor in 2016, but arrived in Hungary without a point to his name from the opening 10 races of the season.
Palmer was left disappointed on Saturday after a red flag knocked him out of qualifying at the first hurdle, but a long first stint brought him into contention for points.
Palmer moved into the top 10 after jumping Nico Hulkenberg in the pits, only for Renault’s hard work to be undone when he spun off at Turn 4, losing three positions in the process.
The Briton was ultimately classified 12th after Esteban Gutierrez’s time penalty, extending his points drought to 11 races.
“I’m gutted as my first points in Formula 1 were there for the taking,” Palmer said.
“The car was good and I was driving well within myself in P10. I turned in the same as normal at turn four – I wasn’t hanging everything out and I was looking after the tires – but for some reason I lost the car in a massive snap.
“I need to look at everything with my engineers to see if there is anything we could have done to prevent it.
“I was running tenth, we had completed all our pit stops, we had good pace relative to those ahead and behind so it looks like we’ve made a real step forward this weekend.
“It was the best drive of my career today and just one small spin took away those points.
“I’m gutted today but I’ll be fighting to get in the same position or better in Hockenheim.”