News Column

Bernie was persuasive

July 10, 2014

Formula One boss Bernie Ecclestone persuaded private equity fund CVC to double its initial valuation when it was buying a stake in the motor racing business, CVC's co-chairman told a German court yesterday.

Ecclestone is accused of channelling $44 million to a German banker in return for smoothing the sale to CVC.

The prosecution alleges that Ecclestone wanted CVC to take control as it meant he could stay on as chief executive. - Reuters

Cape Argus

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Source: Cape Argus (South Africa)

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