Constantin vows to pursue damages in F1 case

Media company Constantin Medien has confirmed it is pursuing a claim for damages against Bernie Ecclestone, despite having had its initial case against the Formula One Group chief executive rejected in the UK High Court earlier this year.

The company has submitted an application for the appeal to the UK’s Court of Appeal and said that the judicial committee will make a ruling “presumably” this autumn.

Constantin claims that Ecclestone, the F1 chief’s former lawyer Stephen Mullens, the Ecclestone family's Bambino Holdings and former BayernLB banker Gerhard Gribkowsky deliberately undervalued F1 when private equity group CVC Capital Partners became F1’s main shareholder in 2005.

On February 20, High Court judge Mr Justice Newey said that although a “corrupt” deal with Gribkowsky had taken place, it was not proved that Constantin suffered a financial loss as a result of the arrangement.

“In spite of the dismissal of the action in the first instance, we are still convinced that Constantin Medien is entitled to claims from the sale of shares from BayernLB to CVC,” Bernard Burgener, chairman of Constantin’s management board, said at the media company's annual general meeting yesterday (Wednesday). “As a result, we will pursue our claims in every respect.”

Burgener also told shareholders that Constantin’s sports segment was continuing to perform well, with German sports broadcaster Sport1 “well placed” to increase revenues by about 15 per cent year on year.

“The platforms of Sport1 – be it in free-TV, pay-TV, online, mobile, digital radio or social media – are successful in their markets and are growing,” he added. “Our strategic focus on the sports segment over roughly the last two years has been correct.”