Ecclestone Made ‘Corrupt’ Deal to Sell F1 Stake, Lawyer Says
This article is for subscribers only.
Bernie Ecclestone, the chief executive officer of Formula One, was accused on the first day of a London trial of making a “corrupt bargain” to ensure the controlling stake in the sport’s parent company was sold to his preferred bidder.
German media company Constantin Medien AG is suing Ecclestone over allegations that he paid bribes to German banker Gerhard Gribkowsky in 2005 when F1 was sold to private equity firm CVC Capital Partners Ltd. He wanted to ensure he remained as chief executive of Formula One, which was in doubt at the time, said Philip Marshall, a lawyer for Constantin.