Bernie Ecclestone’s sale of F1 Group was ‘corrupt’
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Motorsport boss Bernie Ecclestone made a “corrupt bargain” in a bid to stay at the top of Formula One (F1) racing, a German media company has claimed in the High Court.
Mr Ecclestone entered into the “corrupt agreement” with a banker to facilitate the sale of the Formula One Group to a buyer “chosen” by him, a lawyer representing Constantin Medien told Mr Justice Newey. Constantin says it lost out as a result of the deal and has taken legal action against Mr Ecclestone – the chief executive of the Formula One Group.
Mr Ecclestone says Constantin’s claim “lacks any merit” and denies any “conspiracy”. Philip Marshall, QC, for Constantin, outlined the allegations at the High Court.
He said the banker had “assisted” Mr Ecclestone to facilitate the sale of the Formula One Group to a “purchaser chosen by Mr Ecclestone”. Mr Marshall suggested that “corrupt payments” had resulted in a sale of the bank’s investment in a group of firms which owned “lucrative commercial rights” associated with F1 racing.
He said payments totalling about £27m had been made to Gerhard Gribkowsky at the instigation of Mr Ecclestone. Mr Marshall said a “corrupt arrangement” was entered into between Mr Ecclestone and Dr Gribkowsky in 2005.
The hearing continues.
PA
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments