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
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.