Formula One chief Bernie Ecclestone has reportedly denied allegations that he has made corrupt payments to a German banker to facilitate the sale of Formula 1.
Media group Constantin Medien has claimed that German banker Gerhard Gribkowsky 'assisted' Ecclestone to facilitate the sale of an important stake in F1 Group by his bank BayernLB to a 'purchaser chosen by Ecclestone' - private equity group CVC Capital Partners.
According to the BBC, Medien further claimed that 27 million pounds were paid to Gribkowsky at Ecclestone's 'instigation', adding that it lost out because of the alleged deal.
Although Ecclestone denied making the 'corrupt deal', he however, admitted that he had paid ten million pounds to Gribkowsky as the banker had threatened to 'shake him down' over his family's tax affairs.
Medien also alleged that the deal allowed Ecclestone to retain a position with F1, adding that Gribkowsky was given a jail term of more than eight years after being convicted of corruption at a trial in Munich last year.
The company is seeking about 90 million pounds in damages, the report added.