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Ecclestone wins F1 damages case but did pay 'bribe' Bernie Ecclestone wins damages case after F1 deal bribe
(35 minutes later)
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. A judge has rejected an £85m damages claim against Formula 1 boss Bernie Ecclestone but said he did pay a bribe over a sale of F1 shares.
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.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.
But he said there had been no financial loss to German media group Constantin Medien, which had brought the case.But he said there had been no financial loss to German media group Constantin Medien, which had brought the case.
In evidence last year, Mr Ecclestone, 83, said the claim "lacks any merit".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. Mr Ecclestone is the chief executive of F1, and has ruled the sport for almost four decades.
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. Constantin Medien had an interest in the 2006 sale of a stake in F1 belonging to the German bank Bayern LB (BLB), 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. Lawyers for Constantin Medien claimed that the sale was agreed "without the normal and proper process" and for an undervalued price, and was seeking £85m (103m euros) in compensation.
They said it allowed Mr Ecclestone to retain a controlling position within F1. But Mr Justice Newey, delivering on Thursday the judgement reserved at the end of the two-month case last December, said the damages claim failed because it had been "no part" of Mr Ecclestone's purpose for shares to be sold at an "undervalue".
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. "No loss to Constantin has been shown to have been caused by the corrupt arrangement," the judge said. "That fact is fatal to the claim."
But he found that Mr Ecclestone had made payments to bribe German banker Gerhard Gribkowsky to facilitate the sale to a buyer chosen by him.
Mr Ecclestone had claimed he made the payments because he was being threatened by the banker, who had falsely accused him of tax evasion.
In written findings, Mr Justice Newey said: "The payments were a bribe. They were made because Mr Ecclestone had entered into a corrupt agreement with Dr Gribkowsky on May 2005 under which Dr Gribkowsky was to be rewarded for facilitating the sale of BLB's shares in the F1 Group to a buyer acceptable to Mr Ecclestone.
"Mr Ecclestone's aim was to be rid of the banks. He was strongly averse to their involvement in the F1 Group and was keen that their shares should be transferred to someone more congenial to him."
The judge also said: "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."