Intro:

Bernie Ecclestone has appeared at the High Court in London for the Formula 1 sale corruption case.

German media company Constantin Medien is suing the 83-year-old and others for $144 million.

Script:

Formula One chief Bernie Ecclestone has disputed paying a bribe to ensure he stayed in control of the motorsport series.

Under cross-examination at the High Court in London, he said he was blackmailed by the banker tasked with selling a significant stake in F1, and paid him off to avoid being reported to the authorities over his tax affairs.

"I made up my mind he needed to be kept quiet," Ecclestone said after claiming he was "shaken down" by BayernLB's Gerhard Gribkowsky.

Ecclestone's legal team maintains that a "consultancy package" was paid to Gribkowsky, who was jailed in Germany last year for eight-and-a-half years for taking the payment.

Former F1 shareholder Constantin Medien contests that Ecclestone and his family trust entered into a "corrupt bargain" with Gribkowsky to ensure BayernLB's 47 per cent F1 stake was sold in 2005 to the buyer favoured by Ecclestone, CVC Capital Partners.

Gribkowsky receiving an alleged bribe of $44 million.

German media company, Constantin Medien is suing Ecclestone and others for up to $144 million, claiming F1 was undervalued.