Bernie Ecclestone denies he bribed banker in F1 deal

Bernie Ecclestone has rubbished allegations that he paid a $50 million (£32 million) bribe to a banker recently arrested on suspicion of corruption.

The Formula One supremo described as "absolute nonsense" accusations in the German media he paid the bribe to Gerhard Gribkowsky, a banker involved in the sale of the motorsport company.

The Gribkowsky investigation surrounds the 2006 deal when a majority stake in F1 was sold to British private-equity firm CVC Capital Partners, the sport's current majority owners, by shareholders including German bank BayernLB.

Gribkowsky represented Bayern on the deal and was tasked with getting the best price he could for his employer.

Following the deal, he was given a top job within the F1 organisation.

Prosecutors say he sold it without a proper valuation and "the suspect in turn received $50 million in payments disguised via two consultancy agreements".

Gribkowsky faces allegations of bribery, breach of trust and tax evasion.

CVC has previously said it "has no knowledge of, nor any involvement in, any payment to Mr Gribkowsky or anyone connected with him in relation to CVC's acquisition of Formula One."

Ecclestone said: "It's absolute nonsense. I don't even know why I would have given him money."