Bernie Ecclestone steals a yard in legal valuation battle

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The Independent Online

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".