The case has been brought by Constantin Medien, the German media group which is claiming that it lost US$140 m as a result of an undervaluation of Formula One in 2005-06. Philip Marshall QC, representing Constantin, produced board minutes of some Formula One companies which, according to The Financial Times, detailed 'efforts by Mr Ecclestone and Stephen Mullens….to limit board composition to three, including themselves'. Much of the hearing has been taken up with examining the way Mr Ecclestone handled his control of the F1 group. At one stage Mr Ecclestone said: 'If I read everything I signed I wouldn’t be able to do everything in my job. I am reliant on lawyers and accountants because I don’t have time.' The hearing continues. More details in The Financial Times.
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