Report: Bernie Ecclestone, German bank sue each other over sale of F1 stake

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F1 supremo Bernie Ecclestone and his family holding have been sued for 345 million Euros, or $421.9 million USD, by German bank BayernLB over the sale of its former stake in the series.

The bank has announced the decision to sue Ecclestone after it rejected his settlement offer in August. Ecclestone’s bribery trial in Germany came to an end after he offered to pay a sum of $100 million to the Bavarian courts through a legal out clause.

Court records in London also show that Ecclestone has launched his own suit against BayernLB according to a report from Bloomberg.

In that same article, a spokesman for BayernLB says that the purchase agreement for the F1 shares “closed on terms which were given by Mr. Ecclestone and were detrimental to the bank.”

During the trial, Ecclestone was accused of making a $44 million bribe to former BayernLB banker Gerhard Gribkowsky in order to help pave the way for the 2006 sale of the bank’s stake in F1 to CVC.

Gribkowsky, now serving an eight and a half year prison sentence for taking the money, testified against Ecclestone during the trial’s proceedings.

As for Ecclestone, he consistently contended that he only made the payment because Gribkowsky threatened to make false claims to British authorities over his tax affairs; Gribkowsky admitted to spreading rumors but for “nuisance value” only since he didn’t have proper information.

More recently, it was announced that Ecclestone would continue on as CEO of the Formula One Group.