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F1 chief executive Bernie Ecclestone to be sued by American firm in £408 million claim
Pressure continues to build on Formula One chief executive Bernie Ecclestone with an American private equity firm the latest company to instigate legal action off the back of ongoing bribery allegations in Germany
Bluewaters Communications Holdings has filed a $650million (£408million) lawsuit at the Supreme Court of New York State, arguing that it lost that amount after Ecclestone paid a $44million (£27.6million) bribe to German banker Gerhard Gribkowsky in 2006 to ensure that BayernLB’s stake in Formula One was sold to present owners CVC Capital Partners.
Bluewaters says it should have been sold the stake as it had offered “10 per cent above any genuine bona fide offer put forward by any other competing buyer”.
The action is against Ecclestone, CVC Capital Partners, Ecclestone-run companies Alpha Prema, Alpha Topco and Delta Topco, Gribkowsky, and Bayerische Landesbank.