Ecclestone still fighting with German bank

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The battle is not quite over for the Formula One kingpin.

Aug.26 (GMM) Bernie Ecclestone remains at legal loggerheads with the Munich state bank BayernLB.

When the sport's supremo controversially yet successfully settled with German prosecutors for $100 million, he had at the time also made an offer of $25 million to the aggrieved bank and former F1 shareholder BayernLB.

The offer was turned down because it was not high enough.

But "If the overall package is right, we wouldn't be closed to it," BayernLB chief executive Johannes-Joerg Riegler said last week.

Earlier, BayernLB had been seeking $400 million, but F1 business journalist Christian Sylt said a spokesman confirmed the bank wants an amount similar to the $100m criminal suit settlement.

"Perhaps the $25m doesn't match with this settlement structure and perhaps somebody has to think about it because the state prosecutors in Germany got $100m," said the bank spokesman.

Ecclestone's lawyer says no.

Is a new offer needed?

"We are not prepared to make a new offer," Sven Thomas, describing the original proposal as "sensible", told Sylt and the Telegraph newspaper.

"BayernLB have rejected the offer, as expected. At the moment we don't do anything. We wait to see what they are going to do.

"If they try to sue, they shall have no chance at all. I don't think they will try to sue," Ecclestone's lawyer added.

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Series FORMULA 1
Article type Breaking news
Tags bank, bayernlb, bernie ecclestone, legal