Thursday, July 31, 2014   

(Motor racing) Ecclestone wins damages for corrupt deal
(02-20 19:05)

Formula 1 boss Bernie Ecclestone has won a multimillion-dollar case at London's High Court relating to the sale of F1 in 2005 but the judge nevertheless said it was a corrupt deal.
A former F1 shareholder, German media company Constantin Medien, had sued Ecclestone and other defendants for up to US$144 million, claiming F1 was undervalued at the time of the sale to investment group CVC Capital Partners.
Ecclestone was accused of entering into a “corrupt agreement'' with a banker to facilitate the sale of the Formula 1 Group to a buyer chosen by him.
Britain's High Court ruled today that the deal was corrupt, but said that Constantin Medien did not lose out as a result.
Ecclestone is also facing trial in Germany after being accused of bribery.—AP

   
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