thejudge13 reported in an article Oct 9th “Ecclestone to load F1 with a mountain of debt” that German bank, Bayern LB was suing Bernie Ecclestone for $400m and that Ecclestone and his partners appeared to be cashing in as quickly as possible. Today Bluewaters, an investment fund has filed a lawsuit in New York against CVC, Bernie Ecclestone and BayernLB Gerhard Grikowsky. The claim is that Ecclestone conspired to prevent them from buying the rights to F1 in 2005.
Bluewaters says it had put together a bid for F1 for $1bn ahead of the CVC purchase which was to be funded by Alpolo Capital Management and King Street Capital Management. The claim states that Bluewaters had negotiated with the now imprisoned Gribkowsky of the Bayern LB bank, they were prepared to offer more than any other bidder for the sport.
