Ecclestone Takes the Stand in F1 Payment Case

LONDON (AP) – Bernie Ecclestone has taken the stand at the High Court in London to defend himself against allegations he made a “corrupt payment” to protect his position running Formula One.

Former F1 shareholder Constantin Medien, a German media company, is suing Ecclestone and other defendants for up to $144 million, claiming F1 was undervalued at the time the BayernLB bank sold its stake.

Ecclestone is accused of making a “corrupt bargain” with BayernLB’s Gerhard Gribkowsky, paying $44 million to ensure the bank’s 47 percent stake was sold in 2005 to a buyer of Ecclestone’s choosing, investment group CVC Capital Partners.