Ex-Banker Gets Eight Years in F1 Bribery Case

A German court has sentenced Gerhard Gribowsky, a former officer at Bayerische Landesbank, to eight years in prison for accepting a $44 million (€35 million) bribe in 2005 during the sale of the bank's 47% stake in motor sports promoter Formula One Group.

Gribowsky pleaded guilty last week to charges of accepting bribes, breach of trust and tax evasion. He alleges he took the money from F1 CEO Bernie Ecclestone to steer the sale to London-based buyout firm CVC Capital Partners Ltd. Gribowsky told the court he also agreed to a sham contract under which Ecclestone received a $41 million (€33 million) kickback.

Ecclestone whose family trust owns a minority stake in the racing circuit has denied the claims. He told the court last year he made the $44 million payment because Gribowsky was blackmailing him.

Ecclestone says the $41 million payment was a well-deserved commission on the sale.

Ecclestone has not been charged with a crime and says he doesn't expect to be. Munich prosecutors are still investigating his role in the deal.