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Bluewaters Communications Sues Ecclestone for $650 Million

Bluewaters Communications Holdings LLC sued Formula One chief Bernard Ecclestone and CVC Capital Partners Ltd. over the sale of a stake in F1 for $650 million, saying it was the “high bidder” for the racing company, which it values at $10 billion.

The financial firm, in a Nov. 16 filing in New York State Supreme Court, alleged that the deal went to CVC as a result of a $44 million bribe paid by Ecclestone to steer the stake to CVC, which kept him on as head of F1.

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