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.
Mar 10, 2014, 12:00 PM EDT
2014 marks 10 years since Michael Schumacher’s fourth and last win in Melbourne.
Mar 10, 2014, 11:21 AM EDT
David Reutimann third driver in revolving door of No. 35 FRM Ford.
Mar 10, 2014, 11:00 AM EDT
Race winners, top-10 finishers off to great start; three of four SHR cars among those with work to do to catch up.
Mar 10, 2014, 10:06 AM EDT
No LMP1s and mostly streamed live coverage will make for a different Sebring viewing experience this weekend.
Mar 10, 2014, 9:00 AM EDT
Youngest American in the field could be primed to make the “year three leap.”
Mar 10, 2014, 8:00 AM EDT
Tony Kanaan takes over No. 10 Target ride, and seeks a return to title contention.
Mar 9, 2014, 8:56 PM EDT
A late strategy gamble pays off for Edwards with his best finish of the young Sprint Cup season.
Mar 9, 2014, 8:13 PM EDT
Kyle was strong during the Kobalt 400 but faded late, while Kurt couldn’t escape mid-pack.
Mar 9, 2014, 7:16 PM EDT
The Richard Childress Racing driver finishes third in a strong effort at Las Vegas.
Mar 9, 2014, 6:48 PM EDT
Joey Logano was the rubber band man in Sunday’s Kobalt 400 at Las Vegas Motor Speedway.
Mar 9, 2014, 6:33 PM EDT
With about 20 laps remaining, crew chief Steve Letarte warned race leader Dale Earnhardt Jr. that he would be about a half-lap shy of enough fuel to finish Sunday’s Kobalt 400 at Las Vegas Motor Speedway.
Mar 9, 2014, 5:58 PM EDT
Bad Brad sweeps the NASCAR weekend in Sin City.
Mar 9, 2014, 5:29 PM EDT
Kevin Harvick went from halfway to no way in Sunday’s Kobalt 400 at Las Vegas Motor Speedway. After leading the race at the 134-lap halfway point of the 267-lap event, Harvick’s bid for back-to-back wins came to an abrupt end when his No. 4 Stewart Haas Racing Chevrolet suffered a broken left front wheel hub…
Mar 9, 2014, 5:15 PM EDT
Richard Petty is going back home to Level Cross, N.C. – the Richard Petty Museum, that is.
Mar 9, 2014, 5:11 PM EDT
The automotive, motorsports and pro football worlds are mourning the death of William Clay Ford, who passed away Sunday from pneumonia, according to a company statement.
Mar 9, 2014, 4:49 PM EDT
The sports car organization ushered in its latest class last night in Charlotte.
Mar 9, 2014, 4:42 PM EDT
Leading the field at the halfway point of Sunday’s 267-lap Kobalt 400 at Las Vegas Motor Speedway, last week’s race winner at Phoenix, Kevin Harvick, is looking to make it two wins in a row.
Mar 9, 2014, 4:30 PM EDT
We all know how difficult it has been over the last six or seven years for teams in all forms of motorsports to obtain sponsorship. While it’s difficult for small teams, it even impacts the biggest of the big, too. NHRA Funny Car legend John Force is in such a predicament. After nearly 30 years with Castrol Oil and more than 15 years with Ford, drag racing’s biggest star ever will be losing both high-profile and high-dollar associations at the end of this season.
Mar 9, 2014, 3:00 PM EDT
The 18-year-old Nationwide Series driver won last year’s K&N Pro Series East title.
Mar 9, 2014, 2:15 PM EDT
Pre-race crowd at Las Vegas appears to not know they have a Sprint Cup star among them…
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