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German bank set to sue Ecclestone for 345m euros over F1 sale

December 22, 2014 09:10 IST

A German bank is on course to take legal proceedings against Formula One chief Bernie Ecclestone and his family trust fund for 345 million euros on account of the sale of its stake in Formula One.

Formula One chief executive Bernie EcclestoneEarlier this year, a bribery case against him was dropped followed by his decision to pay almost $100 million to the state of Bavaria to stop the proceedings.

BayernLB, a state bank based in Munich, declared the move to sue him after declining a settlement worth 25 million euros offered by Ecclestone in August.

Andrea Titz, a spokesperson for the Munich District Court, said a conviction was not considered likely and there was no conclusion on the guilt or innocence of Ecclestone, the Independent reported.

Meanwhile, the bank has maintained that it would have been able to negotiate a higher sale price in 2006, had Gerhard Gribkowsky, the then senior executive at BayernLB, not taken the payment in relation to the sale of its stake in Formula One.

Image: F1 supremo Bernie Ecclestone

Photo: Mark Thompson/Getty Images