Aug 5, 2013, 11:00 AM EDT
CVC Capital Partners, the owners of Formula One, have been ordered to release hundreds of documents as a German media group pursues them in court for damages of $171 million.
Constantin Medien claim a stake held in F1 by the BayernLB bank was undervalued when CVC purchased F1 in 2006. The case will begin in October.
The Financial Times reported CVC will have to hand over due diligence reports on F1, items from a letter Bernie Ecclestone sent to CVC about F1′s income, CVC application for a loan, minutes of meetings, financial modeling and tax information.
Among those expected to be called as witnesses are Ecclestone, F1′s chief financial officer Duncan Llowarch and CVC co-chairman Duncan MacKenzie. Ecclestone’s lawyers say the stake was sold for a fair price.
The case comes at a sensitive time for F1′s owners as Ecclestone faces charges of bribing German banker Gerhard Gribkowsky during the sale of F1 to CVC.
The timing of the Constantin Medien case is set to coincide with CVC and Ecclestone’s plan to float F1 on the Singapore stock exchange later this year and could jeopardize their plans. A previous attempt to float F1 last year was postponed due to volatility in world markets.
- Cooler heads prevail as IndyCar drivers test at Texas (VIDEO) 0
- Jeff Gordon has bad news for his rivals: He’s thinking of racing for 10 more years 2
- NASCAR’s birthplace, the Streamline Hotel in Daytona Beach, to get significant makeover 0
- IndyCar remix: Toyota Grand Prix of Long Beach (VIDEO) 0
- Ten with Townsend: Long Beach Debrief 2
More from NASCAR America
- IndyCar: Massive crash triggered after round of pit stops (VIDEO) (17)
- American-based F1 franchise, Haas Formula, officially introduced (9)
- Andretti drivers say GP of Long Beach should stay with IndyCar (7)
- Kurt Busch won’t soon forget Clint Bowyer’s race-ruining shove at Darlington (VIDEO) (6)
- Dale Earnhardt Jr. and Jimmie Johnson do it old school style in a pair of classic pickup trucks (VIDEOS) (5)