LONDON (Reuters) - A multi-million dollar payment to a jailed German banker was an "insurance policy", Formula One Chief Executive Bernie Ecclestone said on Wednesday, denying it was linked to the sale of a stake in the business to private equity firm CVC.
Billionaire Ecclestone is defending a $100 million damages claim brought by German media firm Constantin Medien who accuse him and three other defendants of deliberately undervaluing Formula One in the 2005 sale to safeguard his position as CEO.
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