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Bittersweet F1 ruling for Ecclestone
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Despite a ruling damaging to his already tarnished image, Formula 1 boss Bernie Ecclestone won a multimillion-dollar case at London’s High Court yesterday relating to the sale of F1 in 2005.
The case was dismissed but the judge said it had nevertheless been a corrupt deal and questioned Ecclestone’s honesty. “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,” judge Guy Newey said.
A former F1 shareholder, German media company Constantin Medien, had sued Ecclestone and other defendants for up to US$144 million, claiming F1 was undervalued at the time of the sale to investment group CVC Capital Partners.
The 83-year-old was accused of entering into a “corrupt agreement” with German banker Gerhard Gribkowsky to facilitate the sale of Formula One Group to a buyer chosen by him.
The High Court said the deal was corrupt, but ruled that Constantin Medien did not lose out as a result. “No loss to Constantin has been shown to have been caused by the corrupt arrangement with Dr Gribkowsky,” the judge said in his conclusions. “That fact is fatal to the claim.”
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