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Formula One chief says to fight $800m damages claim

Published on Nov 21, 2012 6:01 AM
 
A photo taken on Nov 9, 2011 shows Mr Bernie Ecclestone, CEO and president of F1's governing body, waving as he arrives at the courtroom in Munich, southern Germany. Mr Ecclestone said he plans to contest a $650 million (S$800 million) damages claim filed in New York, the latest legal case to stem from the sale of the motor racing series in 2005. -- PHOTO: AFP

LONDON (REUTERS) - Formula One boss Bernie Ecclestone said he plans to contest a $650 million (S$800 million) damages claim filed in New York, the latest legal case to stem from the sale of the motor racing series in 2005.

Investment firm Bluewaters Communications Holdings filed the lawsuit at New York State Supreme Court last week, naming Formula One commercial head Ecclestone as one of the defendants.

In its claim, Bluewaters said it was prepared to offer more than any other bidder for the sport and alleged that Ecclestone had engineered a sale to private equity firm CVC Capital Partners so they would retain him in his role.

"Mr Ecclestone was motivated by a thirst for power. He wanted desperately to remain "F1 Supremo"," the Bluewaters claim said.

 
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