F1 Owners CVC Investigate Bribe Claims

Sky News is reporting that Formula One owners CVC have launched a probe into allegedly corrupt payments relating to their sale five years ago.

Accountants Ernst & Young and the law firm Frshfields Bruckhaus Deringer are said to have been appointed to investigate CVC’s F1 takeover in 2006.

This news follows the arrest of Gerhard Gribhowsky on January 5th over an alleged payment of $50 million for undervaluing shares in Delta Topco subsidiary SLEC which were sold by BayernLB to CVC Capital Partners. It is understood that Gribhowsky remains in jail in Munich awaiting trial.