Billionaire Bernie Ecclestone hit with £250million Bank lawsuit

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Formula One boss, Bernie Ecclestone, has been asked to hand hundreds of millions of pounds in damages to a German bank that claims it was duped over the sale of the motor racing series.

In the latest twist in the scandal regarding Formula One’s 2006 sale to private equity, Germany’s BayernLB has written “a letter of demand” to Mr Ecclestone asking him to pay back millions in alleged illegal payments and lost earnings to the bank.

BayernLB has demanded Mr Ecclestone pay back $41.4m (£25.7m) in alleged payments made to facilitate the sale – as well as up to $350m, which the bank claims was shaved off F1’s price tag in a sweetheart deal cooked up by a former banker in cahoots with the motor racing supremo. Click below for full story - 

 IMAGE: EPA