News Details
Ecclestone wins court case
Bernie Ecclestone has overturned a $140million damages claim from a German media company after the High Court ruled that he and his co-defendants had not deliberately undervalued Formula 1's commercial rights when they were sold eight years ago.The case, which was heard late last year, concerned the rights sale to current controllers CVC Capital Partners in 2006. They acquired them for a total of $2billion, with a 47.1 per cent stake bought from German bank BayernLB.
In turn, Constantin Medien had an agreement with BayernLB entitling it to 10 per cent of the proceeds if the F1 stake sold for more than $1.1bn. However, they received nothing because CVC paid $814m for it.
The company...
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12y ago from SkySports.com
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