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German bank sues Ecclestone over F1

A German bank is seeking damages from Formula One boss Bernie Ecclestone over the sale of its stake in the racing series it says was compromised by a bribe to one of its bankers.

BayernLB spokesman Matthias Luecke says the bank wrote to Mr Ecclestone's lawyers this week seeking damages but declined to discuss details.

German daily Sueddeutsche Zeitung says the claim is over 400 million dollars (£248m).

The suit centres on a BayernLB banker, who was convicted this summer of taking a 44 million dollar (£27m) illegal payment over the 2006 sale of the bank's stake in the company running Formula One. Bank officials argue the reported 750 million dollars (£465m) price tag was 350 million dollars (£217m) too low.

Prosecutors said the payment to the banker was a bribe from Mr Ecclestone. The billionaire is under investigation.


From Belfast Telegraph