A German bank is on course to take legal proceedings against Formula One chief Bernie Ecclestone and his family trust fund for 345 million euros on account of the sale of its stake in Formula One.
BayernLB, a state bank based in Munich, declared the move to sue him after declining a settlement worth 25 million euros offered by Ecclestone in August.
Andrea Titz, a spokesperson for the Munich District Court, said a conviction was not considered likely and there was no conclusion on the guilt or innocence of Ecclestone, the Independent reported.
Meanwhile, the bank has maintained that it would have been able to negotiate a higher sale price in 2006, had Gerhard Gribkowsky, the then senior executive at BayernLB, not taken the payment in relation to the sale of its stake in Formula One.
Image: F1 supremo Bernie Ecclestone
Photo: Mark Thompson/Getty Images
Ferrari axe veteran car designers in structural shake-up
F1 chief Ecclestone rules out being reined in
Indian F1 Grand Prix set to return in 2016
Formula One: Stolen Red Bull trophies found in lake
BEST Sports Photos of the Year! (Part 1)