Bank Rejects Ecclestone Settlement

Germany's BayrnLB bank has rejected a €25 million settlement from Formula One czar Bernie Ecclestone, BBC News reports.

Last week the 83-year-old Ecclestone settled bribery charges against him by agreeing to pay €75 million. The German court hearing the case accepted the deal without ruling on his guilt.

Ecclestone has admitted paying a €33 million bribe to a German banker to facilitate the sale of F1 rights to London's CVC Capital Ventures in 2006. He says he was coerced into making the payment. The banker was sentenced in 2012 to 8.5 years in prison.

Ecclestone's settlement included a proposed payment of €25 million to BayrnLB. But the offer expired on Friday, and the bank rejected it without explaining why. BBC says it isn't clear whether BayrnLB will attempt to negotiate a richer payment or file a civil lawsuit against Ecclestone.