Bernie Ecclestone steals a yard in legal valuation battle
Wednesday 06 November 2013
Bernie Ecclestone has scored an early victory in a legal battle about the value of Formula 1 as the claim against him as been reduced by $30m to $140.4m (£87.9m).
The F1 boss takes to the stand today to answer charges that a stake in the sport was undervalued when it was sold by German bank BayernLB (BLB) to private equity firm CVC in 2006.
The German media firm Constantin Medien had an agreement to receive 10 per cent if the stake was sold for more than $1.1bn but it did not get anything as CVC paid $814m.
Constantin initially valued the stake at $2.8bn and on Friday Mark Hapgood QC, acting for Mr Ecclestone's family trust, said "the claim was originally for $171m. In the light of the claimant's expert report on valuation, it has been reduced to $140.4m. And to have been entitled to that sum under the participation agreement, the BLB's interest would have had to be sold for $2.493bn".
- 1 VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
- 2 If you're not already angry about the migrant crisis, here's a history lesson to remind you why you really should be
- 3 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 4 I like Corbyn, but let's face it: we don't need another white man at the head of a political party
- 5 Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
Bank Holiday Monday opening times: Are Tesco, Asda and other supermarkets open today?
Rules on 5p plastic bags likely to lead to arguments at the check-out
The nine most warmongering countries in the world revealed
VMAs 2015: Kanye West runs for president, Nicki Minaj calls out Miley Cyrus and the list of winners in full
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...