Bernie Ecclestone has admitted that he paid £27m, or $44m, to former bank executive Gerhard Gribkowsky.
However he denies that it was a bribe, as has been suggested, but rather was a response to an apparent threat from the German to cause problems for Ecclestone with Britain’s Inland Revenue.
Gribkowsky, who worked for Bayern LB, has now been charged by the German authorities with breach of trust, tax evasion and receiving payments from Ecclestone. Bernie says he has given his story to prosecutors and was told by them not to comment, which is why he has not admitted to the payment publicly until now.
Ecclestone told the Daily Telegraph that Gribkowsky had indicated that he would make life difficult for Ecclestone in relation to the family trust, Bambino Holdings. Ecclestone says that he “never had anything to do with the trust in any shape or form, he threatened that he was going to say that I was running it.”
Ecclestone says setting up the trust had been a complex matter: “The Revenue obviously had to check everything. It took five years going through that. I didn’t deal with it. The trust had to show it was correct. The taxation people in England at the time were in the middle of settling everything with the trust and the last thing you need is for them to start thinking something different. He was shaking me down and I didn’t want to take a risk. Nothing was wrong with the trust. Nothing at all.
“He never said to me if you don’t give me this I will say that. He left me with the fact that could he do it or not.”
Ecclestone says his lawyers recommended that he should pay up: “They said ‘I tell you what would happen, the Revenue would assess you and you would have to defend it, because you could defend it, and you would be three years in court and it would cost you a fortune. Better pay’.”
He says that it was Gribkowsky who wanted to paid via Mauritius and the British Virgin Islands because “he wanted to be paid so it didn’t look like it came from me and didn’t look like it had come from England.”
Adam Cooper F1 
So, Ecclestone suggests that not only did he not bribe Gribkowsky, but Gribkowsky blackmailed Ecclestone. Ha!
There’s a big fixation over here in Austin, Texas from the few very vocal minority that believe that we’re somehow getting in bed with Bernie and this shows us what kind of person he is. Their contention is that we’re somehow giving Bernie money that he doesn’t deserve. Our stance is that while Bernie might have some shady dealings, the money is going to “Host” our F1 event and is not somekind of payoff.
Your right on that Steve. F1 is an incredible sport…and a show. It brings tremendous revenue where ever in the world it goes. Thats why so many
countries have bid to be on the calender. Just go back a few years Bahrain, Abu Dhabi, South Korea,now India,next the U.S. and after that Russia. I dont think some see, how the U.S. race is a very beneficial position to be in, amidst todays global realignment of wealth. Bernie knows what the show is worth, and is trying to price what the market will bear. The U,S, folks are smart to be a part of this global enthusiasm. So payoff? No. Just smart business and a bunch of lucky U.S. fans