Bittersweet F1 ruling for Ecclestone

0 Comment(s)Print E-mail Shanghai Daily, February 21, 2014
Adjust font size:

Despite a ruling damaging to his already tarnished image, Formula 1 boss Bernie Ecclestone won a multimillion-dollar case at London's High Court yesterday relating to the sale of F1 in 2005.

The case was dismissed but the judge said it had nevertheless been a corrupt deal and questioned Ecclestone's honesty. "Even ... making allowances for the lapse of time and Mr Ecclestone's age, I am afraid that I find it impossible to regard him as a reliable or truthful witness," judge Guy Newey said.

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.

The 83-year-old was accused of entering into a "corrupt agreement" with German banker Gerhard Gribkowsky to facilitate the sale of Formula One Group to a buyer chosen by him.

The High Court said the deal was corrupt, but ruled that Constantin Medien did not lose out as a result. "No loss to Constantin has been shown to have been caused by the corrupt arrangement with Dr Gribkowsky," the judge said in his conclusions. "That fact is fatal to the claim."

Follow China.org.cn on Twitter and Facebook to join the conversation.
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter