Constantin is a former shareholder in F1 and sold its 16.7pc stake for €8.5m
(£7.2m) to BayernLB in 2003. It sold at a loss on condition that it would
receive a 10pc share of any proceeds if the bank’s stake was sold for more
than $1.1bn.
CVC paid $814m to BayernLB, so Constantin missed out on a payment and it is
suing Mr Ecclestone, Mr Gribkowsky, Bambino and its former legal adviser for
$171m in damages. Constantin claims that CVC was Mr Ecclestone’s preferred
buyer as it had agreed to retain him as F1’s chief executive.
The media group’s lawsuit states that “the true value of the BayernLB holding
in January 2006 was at least $2.8bn.” It adds that “had it not been for the
unlawful conduct, the BayernLB holding would have been sold to CVC or
another purchaser for full value in or about January 2006”.
Although it is a civil case, the judge will have to examine the claim that a
bribe took place, as this allegedly unlawful conduct is at the core of
Constantin’s claim.
Separately, Mr Ecclestone has been charged with bribery in Germany, but he has
not been convicted of this and the authorities have not yet decided whether
to bring him to trial. That decision is due to be made next year.
In an interview last year he told The Sunday Telegraph that CVC “will probably
be forced to get rid of me if the Germans come after me. It’s pretty
obvious, if I’m locked up”.
Mr Ecclestone admits pay-ing the money to Mr Gribkowsky but denies that it was
a bribe. He says that Mr Gribkowsky threatened to tell HM Revenue Customs
that he controlled Bambino if the money was not paid.
As Mr Ecclestone is a UK resident he would be liable to pay tax on the
estimated $4bn in the Bambino trust if he was found to be in control of it,
which he strongly denies. He says he paid Mr Gribkowsky because his false
allegations would have triggered a lengthy and costly investigation.
Mr Ecclestone adds that he had no reason to undervalue F1 as it would have
disadvantaged Bambino, which owned a 25pc stake in the sport. He says: “What
advantage was there for me paying him money to sell the shares for cheap?”