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SBD Global/October 26, 2012/Finance

Ecclestone Faces $400M Lawsuit From BayernLB Bank Over Sale Of F1 To CVC

F1 CEO Bernie Ecclestone "faces being sued for $400M" by the German bank BayernLB, which "is demanding compensation over the sale of F1 to the equity company CVC in '06," according to Paul Weaver of the London GUARDIAN. BayernLB, which has approached Ecclestone's lawyers in Germany, "claims that its shares were undervalued when it sold its 47.2% stake to CVC for £520M." BayernLB former Chief Risk Officer Gerhard Gribkowsky, who was charged with F1's sale, "was jailed for eight-and-a-half years in June after being convicted of tax evasion, bribery and a breach of fiduciary duty over his involvement in the sale." Gribkowsky alleged that "he had received $44M from Ecclestone to undervalue the shares, but the 81-year-old Englishman denies that the payment was a bribe." The "cloud has been hanging over" Ecclestone all year. Ecclestone said, "There's nothing to worry about. I'm not worried. I'm aggravated with the nonsense I'm being put through for all this. I sold the bloody shares for the bank. It was something they couldn't sell. They had six people look at it and wouldn't buy. I got them out of trouble, and now I'm in trouble. Life is like that sometimes." Ecclestone also said that "the German bank would have to come to England if it wants to get its money." He said, "I live in England" (GUARDIAN, 10/25).
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