Jan 21, 2014, 11:12 PM EDT
A $650 million lawsuit against Formula One supremo Bernie Ecclestone has been dismissed in New York Supreme Court according to a report from Autoweek‘s Christian Sylt.
In November of 2012, American group Bluewaters Communications Holdings filed the suit, arguing that it should have been sold the 47 percent stake in F1 that wound up going to private equity firm CVC in 2006.
Ecclestone faces charges of bribery over a $44 million payment to German banker Gerhard Gribkowsky, but while he’s admitted to making a payment in separate legal proceedings, he’s said that he did it because Gribkowsky was threatening to make allegations regarding his tax affairs.
Bluewaters states that it was the highest bidder for the aforementioned stake, noting that it was ready to pay an additional 10 percent above any legitimate offer from a potential buyer.
But Sylt reports that a justice of the New York Supreme Court, Eileen Bransten, has ruled against them, emphasizing that the claims involved in the lawsuit took place in Europe and that CVC’s own offer for the stake stated that it was governed by English law and thus, all claims coming out of it would be dealt with in English courts.
Said Bransten, according to Sylt: “…This action is not about a lost business venture in New York, but rather on allegations that an English citizen bribed a German citizen to compel a German bank to sell its interest in a Jersey company to an English company rather than another Jersey company.”
To be clear, Bransten does not appear to be referencing New Jersey. Sylt writes that Bluewaters was based on the island of Jersey, off the coast of England, at the time it made its offer for the F1 stake.
Ecclestone may have dodged a bullet in the U.S., but the British billionaire needs to dodge a few more in the months ahead. He recently stepped down from the board of directors for F1′s parent company ahead of his German bribery trial in April (although he will continue to run day-to-day operations).
Additionally, German media firm Constantin Medien – a former stakeholder in F1 – sued him last fall in London for more than $100 million, alleging that Ecclestone’s sale to CVC undervalued the property and lost them money in the process.
Jul 23, 2014, 10:46 PM EDT
Darrell “Bubba” Wallace Jr. and Kyle Larson put on a spectacular battle in the final 40-lap segment of Wednesday’s second MudSummer Classic at Eldora Speedway, but it was Wallace holding on for the win.
Jul 23, 2014, 10:19 PM EDT
Darrell Wallace Jr. continues to lead after 110 laps (at the time of a second and final mandatory competition caution) in Wednesday night’s MudSummer Classic at Eldora Speedway.
Jul 23, 2014, 9:42 PM EDT
At the end of the first segment of Wednesday’s NASCAR Camping World Truck Series MudSummer Classic at Eldora Speedway, it’s Darrell Wallace Jr. in the lead.
Jul 23, 2014, 9:06 PM EDT
Thanks to a statistical quirk, Kurt Busch is ranked in the same place in the points standings in both the Sprint Cup Series and Verizon IndyCar Series.
Jul 23, 2014, 6:52 PM EDT
On Wednesday’s edition of NASCAR America, Aric Almirola and Sam Hornish Jr. discussed some of the biggest wins of their careers and talk about the importance of the Brickyard 400 on the NASCAR calendar.
Jul 23, 2014, 6:42 PM EDT
On Wednesday’s edition of NASCAR AMERICA, 2014 Coke Zero 400 winner Aric Almirola took a look at the Chase for the Sprint Cup grid and also evaluated Richard Petty Motorsports’ performance through the first 19 races of the 2014 season.
Jul 23, 2014, 6:37 PM EDT
On Wednesday’s edition of NASCAR AMERICA, Aric Almirola and Sam Hornish Jr. previewed Sunday’s 21st running of the Brickyard 400 at the legendary Indianapolis Motor Speedway.
Erik Jones takes first career Truck pole — and does it in first time racing on dirt — for MudSummer Classic at Eldora
Jul 23, 2014, 6:27 PM EDT
Before Wednesday, the only dirt Erik Jones ever raced on was back in the tiny rural town he grew up in, little Byron, Mich., population 561. On two feet, too. But that didn’t stop Jones from winning the pole for tonight’s MudSummer Classic NASCAR Camping World Truck Series race at Eldora Speedway.
Jul 23, 2014, 5:43 PM EDT
Indianapolis Colts WR Reggie Wayne, healthy, rides into training camp as a passenger in a two-seater IndyCar driven by Ed Carpenter.
Jul 23, 2014, 3:26 PM EDT
Hey there, NASCAR AMERICA is back! After a brief vacation just like the Sprint Cup drivers enjoyed during the last off-weekend of the 2014 season, we’re back in the studio and at the shops, ready to give you the latest news in the world of NASCAR.
Jul 23, 2014, 2:50 PM EDT
Erik Jones and Ryan Blaney recorded the top speeds in the two practice sessions for Wednesday night’s second annual MudSummer Classic NASCAR Camping World Truck Series event at Eldora Speedway.
Jul 23, 2014, 12:00 PM EDT
Video highlights from the Honda Indy 2 in Toronto on Sunday.
Jul 23, 2014, 11:00 AM EDT
Sage Karam fills in for Memo Rojas at IMS for the TUDOR Championship race this weekend.
Jul 23, 2014, 10:15 AM EDT
University student gets to interview Joey Logano at New Hampshire, and fortuitous timing before his day ended early due to contact with Morgan Shepherd.
Jul 23, 2014, 9:43 AM EDT
Eldora Truck race tonight seeks to be as good as the original.
Jul 22, 2014, 8:33 PM EDT
Time has not lessened the significance of winning at Indy for these three NASCAR standouts.
Jul 22, 2014, 7:13 PM EDT
The Outlaw returns to Indianapolis for the first time since his Indy 500-Coke 600 double back in May.
Jul 22, 2014, 5:54 PM EDT
The Team Penske pilot is putting up his six-bedroom Miami penthouse for a cool $14 million. Better start saving up…
Jul 22, 2014, 4:10 PM EDT
Seeking to catch up with their Ford stablemates at Team Penske, Roush Fenway Racing’s trio of Carl Edwards, Greg Biffle, and Ricky Stenhouse Jr. have been searching for speed in a two-day test session at Michigan International Speedway.
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- Kurt Busch 25th in Sprint Cup points — IndyCar, too 1
- Report: Toto Wolff speaks out against F1′s double points finale 5
- IndyCar: Toronto weekend analysis, musings and observations 0
- NASCAR’s Brian France on RTA’s formation: “We didn’t think it was necessary” 13