Ex-F1 owners sue Ecclestone for $100m

18 August, 2011

Formula 1 logoAug.18 (GMM) The Gerhard Gribkowsky saga has gone from bad to worse for F1 chief executive Bernie Ecclestone.

Already under investigation by German prosecutors, the 80-year-old now faces a multi-million dollar lawsuit filed by the sport’s former 50 per cent shareholder Constantin Medien.

The German company, formerly known as EM.TV, has filed legal action in London’s High Court, according to a report in the Daily Telegraph.

Also being sued is Ecclestone’s holding company Bambino, business partner Stephen Mullens and the jailed Gribkowsky, who is accused of receiving millions from the F1 chief executive surrounding the sale of the rights to current owner CVC.

Constantin claims the manipulation of the sale to CVC cost it more than $100 million in missing profit proceeds.

Constantin, Ecclestone and CVC all declined to comment.


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