CVC Capital May Be Drawn Into Formula One Lawsuit, Times Says
CVC Capital Partners Ltd., the U.K. private-equity firm that owns a controlling stake in the Formula One motor-racing series, may be named as a co-defendant in a lawsuit alleging that Bernie Ecclestone, the impresario of the sport, paid bribes to facilitate its acquisition by CVC, the London-based Times reported, citing an unidentified person close to Constantin Medien AG. (EV4)
The German media company, which owned a stake in Formula One before the acquisition, has filed a claim in the London High Court for $171 million in damages against Ecclestone, Stephen Mullens, his former lawyer, and Bambino Holdings, his family trust, the newspaper said.
German prosecutors allege that Bayerische Landesbanken was tricked into selling Formula One to CVC for less than it was worth, and that Gerhard Gribkowsky, the state-owned bank’s chief risk officer, received bribes, the Times said.
Ecclestone hasn’t been charged and denies all wrongdoing, and it’s not alleged that CVC was aware of any bribes, the newspaper said. Constantin Medien and CVC declined to comment, it added.
To contact the editor responsible for this story: Colin Keatinge at email@example.com.