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Bernie Ecclestone wins F1 damages case Ecclestone wins F1 damages case but did pay 'bribe'
(35 minutes later)
A judge has ruled in favour of Formula 1 boss Bernie Ecclestone, who was being sued for £85m ($140m) in damages. A judge has rejected an £85m ($140m) damages claim against Formula 1 boss Bernie Ecclestone but said that he did pay a bribe over a sale of F1 shares.
The case was brought by German media group Constantin Medien, which claimed it lost out when the Formula 1 Group was sold in 2006. Mr Justice Newey, in the High Court in London, said there had been a "corrupt" deal with a German banker to facilitate the sale to a preferred buyer.
It accused Mr Ecclestone, 83, of entering into a "corrupt agreement" with a German banker to facilitate the sale to a buyer chosen by him. But he said there had been no financial loss to German media group Constantin Medien, which had brought the case.
The F1 chief executive has ruled the sport for almost four decades. In evidence last year, Mr Ecclestone, 83, said the claim "lacks any merit".
Mr Ecclestone is the chief executive of F1, and has ruled the sport for almost four decades. He is the long-time commercial rights holder of F1, but sold off a majority of the ownership in the 1990s.
Constantin Medien had an interest in the subsequent sale of a stake belonging to the German bank Bayern LB, bought by private equity group CVC Capital Partners.
Lawyers for Constantin Medien claimed that the sale was agreed "without the normal and proper process" and for an undervalued price.
They said it allowed Mr Ecclestone to retain a controlling position within F1.
Mr Ecclestone, in response to allegations that he made a payment to secure the deal, said he was being threatened by the banker, who had falsely accused him of tax evasion.