Bernie Ecclestone is being sued by German bank BayernLB over the sale of the sport in 2006, a spokesman for the bank confirmed this week.
The company believes the sport was undervalued when it was sold to CVC Capital Partners, therefore undervaluing its stake.
BayernLB is reportedly seeking compensation of £270 million (€345m, $420m), believing Ecclestone is guilty of bribing german banker and then-BayernLB employee, Gerhard Gribkowsky.
“BayernLB has filed a law suit against Mr. Ecclestone, the family foundation Bambino and others and is asking for damages of €345 million plus interest,” a spokesman told Reuters.
“When the bank’s stake in Formula One was sold in 2005 and 2006 a board member was bribed. The sales contract was not negotiated, but it was finalised at terms dictated by Mr. Ecclestone, which were disadvantageous for the bank.”
Earlier this year, a Munich court threw out a case of bribery against Ecclestone after he paid a settlement of £63m ($100m), insisting he was blackmailed into making the payment, whilst Gribkowsky was jailed for eight-and-a-half years back in 2012.
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