Bernie Ecclestone Faces Fresh Legal Assault over F1 Group Sale Bribery Claims

Formula One Group and its majority owner CVC have been ordered by a London court to release documents relating to the motor racing giant's 2006 sale, which has seen F1 magnate Bernie Ecclestone embroiled in bribery allegations.

The disclosure of documents is part of a fresh claim against the deal by German media group Constantin Medien, which was cut in on Bavarian bank BayernLB's sale of its 47% stake in FOG to CVC.

Sources close to the deal, cited by the Financial Times, claimed that FOG was undervalued at the time of the sale.

As a result, Constantin claims it is owed $171m (£111bn, €129bn) and will now be able to scrutinise the sale documents due to be released for evidence to back up its assertion.

The judge will write to FOG and CVC's lawyers to instruct them on what documents must be released.

BayernLB sold its FOG stake to CVC for $820m in 2006. However, CVC's subsequent refinancing of FOG put the firm's total value at around $2.8bn, leading to Constantin's claim that it had been undervalued.

Constantin claims that the undervaluing derives from a $44m payment from the Ecclestone Family Trust to Gerhard Gribkowsky, the former chief risk officer at BayernLB.

Gribkowsky was jailed for eight-and-a-half years for tax evasion and breach of trust, and receiving corrupt payments. He revealed in court that the $44m had come from Ecclestone, and claimed it was a bribe to undervalue FOG.

Ecclestone denies that the money was a bribe and instead claims he was being blackmailed by Gribkowsky.

"The money that I paid him had nothing to do with the sale of Formula One. That is nonsense," the 82-year-old F1 boss told the German daily Bild.

"At the end he threatened to tell stories about me, which although not true would have possibly caused a lot of unnecessary trouble. So I thought I would give him the money to get rid of him.

"I am innocent. The truth will prevail in the end."