Bank claims $400 million on Ecclestones account

The German bank BayernLB wants Bernie Ecclestone to repay US $400 million, the Suddeutsche Zeitung newspaper reports on Thursday.

The bank claims that is the amount it lost due to its sale of formula one shares some years ago to the sport's current owner CVC, with the transaction having been subsequently called into question over the Gerhard Gribkowsky corruption scandal.

Suddeutsche Zeitung said BayernLB's lawyers have sent a letter, detailing the extraordinary damages, to F1's billionaire chief executive.

BayernLB claims that, with Gribkowsky allegedly bribed millions by Ecclestone and now providing info to authorities, the now-jailed banker vastly undervalued its F1 shares.

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Leopold

Leopold Pleijsier founded F1-Fansite.com in 2001 and has followed Formula 1 since the early 1980s. He writes about daily F1 news, race weekends, drivers and the sport’s history.

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