Bank sues Ecclestone for €345m over F1 sale

German state bank BayernLB is suing Bernie Ecclestone and his family holding Bambino for around €345m in relation to the sale of its stake in Formula One.

BayernLB reportedly announced the move in Munich.

The bank rejected a €25m settlement offer from Ecclestone in August, after a Munich court dropped a bribery case against the 83-year-old Englishman.

BayernLB claims the purchase contract was terminated in 2005 under conditions “that were set by Ecclestone and were detrimental to the bank”.

The charges in the now-closed bribery trial centred on a €35m payment by Ecclestone to former BayernLB executive Gerhard Gribkowsky, who is serving an eight-and-a-half year sentence for taking the money.