Business

F1 boss Ecclestone has offer to German bank rejected

  • 8 August 2014
  • From the section Business
F1 boss Bernie Ecclestone, 5 Aug 14
Bernie Ecclestone has dominated the F1 business for decades

German bank BayernLB says it has rejected a 25m euros (£20m) settlement from Formula 1 boss Bernie Ecclestone.

The bank claims he collected commissions, and undervalued its stake in the global motor racing business, which it sold in 2005.

Mr Ecclestone's lawyer in Munich declined to comment.

This week a German court halted a bribery trial against Mr Ecclestone, relating to the sale of F1 rights, in exchange for a payment of £60m.

Offer expired

The 83-year-old billionaire had been accused of funnelling some £26m to jailed BayernLB banker Gerhard Gribkowsky to ensure that a company he favoured could buy a stake in F1.

Mr Ecclestone had denied wrongdoing, and his payment was accepted by the district court in Munich.

He walked free and continues running the sport. It also meant Mr Ecclestone was found neither guilty nor innocent.

Gribkowsky was sentenced to eight and a half years in prison in 2012 for accepting bribes.

Mr Ecclestone's lawyers last week had offered to pay public-sector bank BayernLB 25m euros, but also said that damage to the company was not evident.

The offer expired on Friday with the bank rejecting it, without giving reasons.

It has not said what its next move would be - it could either negotiate another sum or could launch civil proceedings against him.

In 2005 BayernLB sold its stake in Formula 1 to the private equity firm CVC, making it the largest stakeholder in the business.

Related Internet links

The BBC is not responsible for the content of external Internet sites