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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