-
Home
- TV Shows
- TV Schedule
- NASCAR
-
Formula 1
- Auto Racing
- Moto Racing
- Cars
- Bikes
- Store
- Social
- Games
- Mobile
- Deals
- Videos
- Photos
- Home
- TV Shows
-
TV Schedule
-
SPEED Showcase
-
- NASCAR
- Formula 1
- Auto Racing
- Moto Racing
- Cars
- Bikes
- Store
- Social
- Mobile
- Deals
- Videos
- Photos
Formula 1
F1: Ecclestone Hit By $650M NY Legal Action
New York financial company Bluewaters Communications Holdings has launched a $650 million legal action against Bernie Ecclestone...
Bernie Ecclestone is Formula One's long-time chief executive. (Photo: LAT Photographic)
New York financial company Bluewaters Communications Holdings has launched a $650 million legal action against Bernie Ecclestone, his associated companies and others in relation to the Gerhard Gribkowsky bribe affair.
Bluewaters says it was a potential buyer of the F1 business, and lost out because of the alleged bribe.
The action, filed in the Supreme Court of New York State, is against Ecclestone, CVC Capital Partners, Ecclestone-run companies Alpha Prema, Alpha Topco and Delta Topco, Gribkowsky, and Bayerische Landesbank.
The introduction sums it up thus: “This case arises out of a $44 million bribe paid by defendant Ecclestone to defendant Gribkowsky using money supplied by defendants CVC and BayernLB. Gribkowsky was prosecuted and convicted of taking the bribe and is now serving an eight-and-a-half year prison sentence. Ecclestone orchestrated and paid the bribe to preserve his status as head of an automobile-racing empire known as ‘Formula One.’
“Plaintiff was the high bidder for the purchase of Formula One, but Ecclestone bribed Gribkowsky — using CVC’s and BayernLB’s money — to steer the sale of Formula One to CVC for CVC’s and Ecclestone’s benefit. Plaintiff has been damaged in an amount exceeding $650 million.”
After explaining the details chronology of the affair over some 27 pages, it concludes: “Each of CVC, Alpha Prema, Alpha Topco, and Delta Topco extracted billions of dollars from Formula One that do not rightfully belong to them. CVC, Alpha Prema, Alpha Topco, and Delta Topco have profited enormously from CVC’s wrongful acquisition of Formula One, which is currently valued at $10 billion.
“Ecclestone was unjustly enriched by receiving an improper ‘finder’s fee.’ Gribkowsky was unjustly enriched by accepting an improper bribe. CVC, Alpha Prema, Alpha Topco, Delta Topco, Ecclestone, and Gribkowsky must disgorge the profits rightfully belonging to Bluewaters.”
Adam Cooper notched up his 27th season as a racing journalist in 2011. He has written about F1 for SPEED.com since 2005. Follow him on Twitter.
Bluewaters says it was a potential buyer of the F1 business, and lost out because of the alleged bribe.
The action, filed in the Supreme Court of New York State, is against Ecclestone, CVC Capital Partners, Ecclestone-run companies Alpha Prema, Alpha Topco and Delta Topco, Gribkowsky, and Bayerische Landesbank.
The introduction sums it up thus: “This case arises out of a $44 million bribe paid by defendant Ecclestone to defendant Gribkowsky using money supplied by defendants CVC and BayernLB. Gribkowsky was prosecuted and convicted of taking the bribe and is now serving an eight-and-a-half year prison sentence. Ecclestone orchestrated and paid the bribe to preserve his status as head of an automobile-racing empire known as ‘Formula One.’
“Plaintiff was the high bidder for the purchase of Formula One, but Ecclestone bribed Gribkowsky — using CVC’s and BayernLB’s money — to steer the sale of Formula One to CVC for CVC’s and Ecclestone’s benefit. Plaintiff has been damaged in an amount exceeding $650 million.”
After explaining the details chronology of the affair over some 27 pages, it concludes: “Each of CVC, Alpha Prema, Alpha Topco, and Delta Topco extracted billions of dollars from Formula One that do not rightfully belong to them. CVC, Alpha Prema, Alpha Topco, and Delta Topco have profited enormously from CVC’s wrongful acquisition of Formula One, which is currently valued at $10 billion.
“Ecclestone was unjustly enriched by receiving an improper ‘finder’s fee.’ Gribkowsky was unjustly enriched by accepting an improper bribe. CVC, Alpha Prema, Alpha Topco, Delta Topco, Ecclestone, and Gribkowsky must disgorge the profits rightfully belonging to Bluewaters.”
Adam Cooper notched up his 27th season as a racing journalist in 2011. He has written about F1 for SPEED.com since 2005. Follow him on Twitter.
Grand Prix of Bahrain
LATEST HEADLINES: FORMULA-ONE
-
F1: Paddy Lowe Finally Confirmed At Mercedes
Paddy Lowe will join the team as Executive Director (Technical) Monday… -
F1: We Need To Improve Qualifying, Says Massa
Felipe Massa says Ferrari is still not where it wants to be... -
F1: Grand Prix News Briefs (Update 1)
It will be at least June before anything more is known about Bernie… -
F1: Grosjean Pumped About Monaco Prospects
Romain Grosjean wrecked on the first lap of the 2012 Monaco GP...… -
F1: Raikkonen Hoping For Better Luck In Monaco
Kimi Raikkonen is focused on qualifying well in Monaco... -
F1: Force India Can Battle For Fifth, Says Fernley
Force India has been impressive in 2013... -
F1: Brawn - Tires Will Be Big Factor In Monaco
Mercedes team boss Ross Brawn says track conditions change a lot… - More News
