F1-Fansite.com

F1 News

Bank rejects Ecclestone's compensation offer

Posted on by
Bernie Ecclestone
Bernie Ecclestone
Bernie Ecclestone & Luca di Montezemolo

Bernie Ecclestone & Luca di Montezemolo

Bernie Ecclestone's legal troubles are not yet over.

Before he ended his corruption trial in Munich by agreeing to pay $100 million to the Bavarian state, it emerged that the 'F1 supremo' was also willing to compensate the state-controlled bank BayernLB to the tune of EUR 25 million.

It was reported that the compensation offer to the bank, a former shareholder of F1's commercial rights, was valid only until last Friday.

One of Ecclestone's lawyers said at the time that the EUR 25 million offer was not an admission of guilt, nor compensation for any alleged damage done to BayernLB through the disputed $44 million payment to jailed Gerhard Gribkowsky.

But as the deadline expired, the German news agency DPA reported that BayernLB had rejected the offer.

It is believed BayernLB turned it down on the basis that it paid Ecclestone a consultation fee of no less than $41 million after the rights sale.

And earlier, the bank was seeking a whopping $400 million in damages due to Ecclestone and Gribkowsky's alleged undervaluing of the shares.

A spokesman for BayernLB confirmed DPA's report about the rejection of the offer.

Book discounted tickets and reservate your hotel room in our F1 Tickets Shop.

Please share this article & subscribe to our FREE weekly F1 Newsletter

PinIt

Latest F1 News posts:

See older posts in our F1 News Archive »

Stay Updated by F1-Fansite!

Buy F1 MerchandiseBuy F1 Merchandise of your favourite driver or team.

Early Booking Discounts on F1 Tickets

Buy F1 tickets cheaper at F1-Fansite.com 2016 Formula 1 Season Early Booking Discounts are:
F1 Grand Prix
Discount

Book F1 Tickets Malaysian F1 GP Malaysian '16Available
Book Now
Book F1 Tickets Japanese F1 GP Japan '16Available
Book Now
Book F1 Tickets US F1 GP USA '16Available
Book Now
Book F1 Tickets Mexican F1 GP Mexico '16Available
Book Now
Book F1 Tickets Brazilian F1 GP Brazil '16Available
Book Now
Book F1 Tickets Abu Dhabi F1 GP Abu Dhabi '16Available
Book Now
   
Book F1 Tickets Australian F1 GP Australia '17AvialableBook Now
Book F1 Tickets Spanish F1 GP Spain '1720% discountBook Now
Book F1 Tickets Monaco F1 GP Monaco '17AvailableBook Now
Book F1 Tickets Austrian F1 GP Austria '1720% discountBook Now
Book F1 Tickets British F1 GP UK '17AvailableBook Now
Book F1 Tickets Hungarian F1 GP Hungary '1720% discountBook Now
Book F1 Tickets Belgian F1 GP Belgium '1725% discountBook Now

Polls

Who is your favourite F1 driver?

View Results

Loading ... Loading ...
F1 Polls