The court in London has heard that Ecclestone was paid $41 million in
commission as part of the deal, which he did not declare to CVC. He also
took a 5.3 per cent shareholding in Formula One worth an estimated $263
million and retained almost total control of the sport.
Ecclestone, for his part, does not deny having paid Gribkowsky but claims that
he was “shaken down” by the banker who threatened to make false claims about
his relationship with Bambino that could have triggered a UK tax
investigation and cost him billions of pounds.
Mr Justice Newey is expected to hand down his judgment next month by which
time BayernLB’s civil action may already be under way. A spokeswoman for the
bank told the German news agency, DPA, on Wednesday that the suit is likely
to be filed with the High Court in London next month. She added that
BayernLB was demanding Ecclestone return the $41 million commission he was
paid as well as other sums the bank says it lost in connection with the sale
of its stake.
Ecclestone is also facing action in the United States, where an American
private equity firm, Bluewaters Communications Holdings, has filed a $650
million lawsuit at the Supreme Court of New York State. Bluewaters says it
should have been sold BayernLB’s stake as it had offered “10 per cent above
any genuine bona fide offer put forward by any other competing buyer”.
CVC owns a 35.5 per cent stake in Formula One after selling down its holding
from 63 per cent last year.
Last month, the firm’s co-founder Donald Mackenzie said plans for a stock
market flotation in Singapore would be postponed until the various legal
claims against Ecclestone were resolved. He added that the sport’s owners
would not hesitate to sack Ecclestone if he was found guilty of a crime. “If
it is proven that Mr Ecclestone has done anything that is criminally wrong,
we would fire him,” Mackenzie said.