Ecclestone to contest $650 million lawsuit

By Ubaid Parkar, 21 November 2012
© AP Photo/Tom Hevezi

Formula 1 boss Bernie Ecclestone has a $650 million lawsuit filed against him at New York State Supreme Court by an investment firm which claimed that it was unfairly bunted out during the sale of the sport in 2005.

Bluewaters Communications Holdings is seeking damages stating that it was willing to pay more than CVC Capital Partners at the time but was overlooked as the 82-year-old allegedly doctored the transaction to ensure that he reserved his role in F1.

"Ecclestone was motivated by a thirst for power. He wanted desperately to remain ‘F1 Supremo’," declared Bluewaters adding that the compensation it was seeking was to cover its potential loss of earnings.

In the 2005 deal, German bank BayernLB had sold its 47 percent stake to CVC, with the two also named as defendants in the case along with Ecclestone, which he will be contesting.

"I couldn't have been involved because I had nothing to sell," Ecclestone told Reuters adding that he had never heard of Bluewaters before.

The news agency reported that the bid was financed by New York private equity firms Apollo Global Management and King Street Capital Management.

 

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