Report: Lawsuit against Ecclestone dismissed in N.Y. Supreme Court

1 Comment

A $650 million lawsuit against Formula One supremo Bernie Ecclestone has been dismissed in New York Supreme Court according to a report from Autoweek‘s Christian Sylt.

In November of 2012, American group Bluewaters Communications Holdings filed the suit, arguing that it should have been sold the 47 percent stake in F1 that wound up going to private equity firm CVC in 2006.

Ecclestone faces charges of bribery over a $44 million payment to German banker Gerhard Gribkowsky, but while he’s admitted to making a payment in separate legal proceedings, he’s said that he did it because Gribkowsky was threatening to make allegations regarding his tax affairs.

Bluewaters states that it was the highest bidder for the aforementioned stake, noting that it was ready to pay an additional 10 percent above any legitimate offer from a potential buyer.

But Sylt reports that a justice of the New York Supreme Court, Eileen Bransten, has ruled against them, emphasizing that the claims involved in the lawsuit took place in Europe and that CVC’s own offer for the stake stated that it was governed by English law and thus, all claims coming out of it would be dealt with in English courts.

Said Bransten, according to Sylt: “…This action is not about a lost business venture in New York, but rather on allegations that an English citizen bribed a German citizen to compel a German bank to sell its interest in a Jersey company to an English company rather than another Jersey company.”

To be clear, Bransten does not appear to be referencing New Jersey. Sylt writes that Bluewaters was based on the island of Jersey, off the coast of England, at the time it made its offer for the F1 stake.

Ecclestone may have dodged a bullet in the U.S., but the British billionaire needs to dodge a few more in the months ahead. He recently stepped down from the board of directors for F1’s parent company ahead of his German bribery trial in April (although he will continue to run day-to-day operations).

Additionally, German media firm Constantin Medien – a former stakeholder in F1 – sued him last fall in London for more than $100 million, alleging that Ecclestone’s sale to CVC undervalued the property and lost them money in the process.

Lewis Hamilton comes home to Mercedes factory after fourth title

Getty Images
Leave a comment

On Monday, the Formula 1 schedule finally allowed teams to be in Europe before heading to Abu Dhabi for this weekend’s season finale.

And as such, that provided a window for now four-time World Champion Lewis Hamilton to return to the Mercedes AMG Petronas factories in Brackley and Brixworth to be celebrated for taking the driver’s title, as Hamilton an Valtteri Bottas delivered Mercedes its fourth straight constructor’s title.

Hamilton was at Brixworth, the home of Mercedes-AMG High Performance Powertrains (HPP) and its highly successful Mercedes-Benz Power Units first before heading to Brackley, where he was welcomed with a “guard of honor” as the entire team came out to greet him.

The champion was overwhelmed at the response and the welcome.

“This a very emotional day. I was not expecting this, thanks everyone for the warm welcome,” he said. “Today is something that I will never forget, turning up at the front gate of the factory and seeing everyone out on the street to welcome me – I’m blown away.

“This has been an incredible year, it’s been an incredible journey together. There’s a huge amount of respect and appreciation I have for everyone. I’ve been in the sport for a long time now, but to see the work ethic in Brixworth and Brackley really inspires me. Every time I come around, I see everyone operating at 100%, which encourages me to bring my best performance.

“Thank you all for helping me achieve my dreams, it would not have been possible without you. This is the best championship year, because we’ve been fighting another team and because we’ve had the difficulties and challenges we’ve had – that just makes it so much greater.”

A social roundup of images and videos are below, all via Hamilton and the Mercedes team on social media.