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BayernLB rejects $33m settlement from Bernie Ecclestone

Aug 9, 2014, 9:15 AM EDT

Formula One Chief Executive Bernie Ecclestone arrives at the High Court in central London in this file photo Reuters

The German bank at the centre of Bernie Ecclestone’s bribery trial has rejected a settlement offered by the 83-year-old following the end of court proceedings earlier this week, according to reports.

Ecclestone was accused of bribing banker Gerhard Gribkowsky to influence the sale of Formula 1 back in 2005, but the case came to a close after he made a $100m payment to the court as permitted by German law.

The case ended with no conviction, meaning that Ecclestone remains in charge at the top of the sport. He immediately returned to work on the same day that the case ended.

However, a settlement offer of $33m made to BayernLB by Ecclestone was rejected on Friday, as confirmed to Reuters by a spokesperson for the bank.

Neither party has made further comment on the matter, but it could lead to BayernLB taking more civil proceedings against the Briton. The more likely resolution would be for an increased offer to be made and accepted, given that the bribery trial proceedings have now come to a close.

Ecclestone has said that he feels like “a bit of an idiot” for settling the matter with the German court earlier this week.

“They really didn’t have a case,” he told the BBC. “The judge more or less said I was acquitted, so I was a bit of an idiot to do what I did to settle because it wasn’t with the judge, it was with the prosecutors.

“Anyway, it’s done and finished, so it’s all right. I’m content – it’s all fine. This now allows me to do what I do best, which is running F1.”

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