Company files $650-million lawsuit against Ecclestone

Bernie Ecclestone, Indian Grand Prix, Buddh International Circuit, Greater Noida, New Delhi, India, Race, Sunday 28 October 2012.Nov.20 (GMM / Apex) Bloomberg reports that Bluewaters Communications Holdings LLC is suing Formula One chief Bernard Ecclestone and CVC Capital Partners Ltd. over the sale of a stake in F1 for $650 million, saying it was the “high bidder” for the racing company, which it values at $10 billion.

It is claimed that CVC, F1’s current owner, was a lower but successful bidder because of F1 chief executive Ecclestone’s alleged bribes to the now-jailed former banker Gerhard Gribkowsky.

Gribkowsky, CVC and the German bank BayernLB were all named as defendants in the New York suit, the Financial Times, Bloomberg and cityam.com report.

Bluewaters claims that it offered in writing to pay 10 per cent more than all other bidders, but gave “no commitment” to keep Ecclestone in the top job.

But when asked on Monday why the bid failed, Ecclestone said: “No idea. They probably didn’t give enough money.”

Subbed by AJN.

  • Bec

    This story is flawed:

    Bluewaters Communications Holdings offered the money for the banks shares, not for F1 itself.

    They offered £628 million, which is less than the £788 million paid in total by CVC.