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F1: Ecclestone offer rejected by German bank

German bank BayernLB “rejects” Bernie Ecclestone's settlement offer of £20m, may now seek bigger settlement or launch civil proceedings against the F1 supremo
German bank BayernLB has turned down a £20 million settlement offer from F1 supremo Bernie Ecclestone.

The bank claims Ecclestone undervalued F1 when it was sold back in 2006.

“BayernLB has rejected Mr Ecclestone's settlement offer,” a spokesman for BayernLB told Reuters on Friday.

Eccelstone's lawyer in Munich has declined to comment.

The news comes after a court in Munich agreed a settlement of around £60 million to end his bribery trial this week. The 83-year-old had been on trial since April. He was accused of paying German banker Gerhard Gribkowsky £26m to help ensure a stake in F1 was sold to a company he favoured.

Ecclestone has always denied the charges and while he admitted making a payment to Gribkowsky he says it was a result of “a sophisticated shakedown” and denied any wrongdoing.

It remains to be seen now what the German bank will do. It could launch civil proceedings or seek a bigger settlement.

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04.07.2014 - Bernie Ecclestone (GBR), President and CEO of Formula One Management

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August 09, 2014 10:30 AM

This is a situation where it is difficult to feel sorry for either party, the money grabbing self serving overpaid bankers or the man who is killing F1 to top up his daughters shoe fund, decisions decisions

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