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ONE of Germanys most bailed-out

banks turned down the chance to
make hundreds of millions of
pounds in profits by buying a 10 per
cent stake in Formula One at a bar-
gain price of 63.3m ($100m), accord-
ing to recently released legal filings.
The purchase would have yielded a
profit of more than 500m for
German bank BayernLB and can-
celled out losses it had already made
on an involvement with F1. It would
have also helped the bank to repay
some of the 8.6bn in state aid it
received in 2008 when it ran into
trouble during the recession.
BayernLB owned 46.7 per cent of
F1s parent company SLEC until 2005
when it sold the stake to current
owner, private equity firm CVC. On
19 September 2005 CVC made a writ-
ten offer to BayernLB for the banks
shares and the 25 per cent stake then
owned by Bambino, the family trust
of F1 boss Bernie Ecclestone.
Its offer letter said: I am pleased
to set out below a proposed offer
under which a new company
German banks
500m blunder
over F1 shares
(Newco) formed by CVC Capital
Partners Limited will... buy the whole
of your interests in Formula One...
The proposed offer for your com-
bined holdings of 71.65 per cent of
SLEC is $1.5bn... As a condition of this
offer Bambino or the Ecclestone fam-
ily will reinvest at completion $100m
into the share capital of Newco for a
10 per cent stake... BayernLB may also
invest $100m at completion in Newco
for a 10 per cent stake.
F1 was at risk of collapsing in 2005
due to a pay dispute with the teams
so BayernLB decided not to reinvest,
but had it done so it would have
made a profit of 506.2m.
Over the past year CVC has sold a
total of 28.3 per cent of F1, the most
recent buyer being US investment
fund Waddell & Reed in June. It paid
316.4m ($500m) for a seven per cent
stake, which gave F1 an enterprise
value of 5.7bn, taking into account
its 1.2bn of debt.
The offer letter was lodged at the
end of January as evidence in a law-
suit brought against CVC, BayernLB
and Ecclestone in the New York
Supreme Court by Bluewaters
Communications.
IN BRIEF
Wright banking on big score
n CRICKET: England all-rounder Luke
Wright is desperate to win back a
place in the one-day side by shining in
todays second Twenty20 international
against New Zealand. Wright hit 42 off
20 balls in Saturdays 40-run win.
County court case thrown out
n FOOTBALL: Notts County say they
will seek legal advice as they look to
claim damages against HMRC after a
winding-up petition over late payment
of a tax bill was thrown out of court.
Mears quits over heart problems
n RUGBY UNION: England hooker Lee
Mears has been forced to retire from
rugby with immediate effect, aged 33,
following the discovery of an
abnormality in a routine cardiac
screening by his club Bath.
Celtics debt shrinks with cup run
n FOOTBALL: Celtic take on Juventus in
a Champions League last-16, first leg tie
tonight amid news the clubs net bank
debt has fallen from more than 7m to
130,000 in 12 months.
GOLF
COMMENT
SAM TORRANCE
Sterne (below) has
seen fellow South
Africans such as
Schwartzel win
Majors
I
F YOU ever needed an example
of the importance of form, look
no further than the winners of
the big tournaments on both the
European and PGA Tours at the
weekend.
South African Richard Sterne
followed his runner-up spot at the
Dubai Desert Classic a week earlier
by storming to a fantastic seven-
shot victory in the Johannesburg
Open on Sunday.
Sternes success is particularly
remarkable because he missed
almost all of the 2010 and 2011
seasons with a back injury.
HUNGER
Its testament to the 31-year-olds
mental strength, because it must
have been incredibly frustrating
watching compatriots such as
Trevor Immelman, Charl
Schwartzel and Louis Oosthuizen
do so well in his absence.
However, that can act as a huge
inspiration for a young player. If
you see players who you grew up
with, and beat, winning Majors it
only increases your hunger to go
out and match them.
Over in California, meanwhile,
Brandt Snedeker continued his
extraordinary form with a two-
shot victory at the AT&T Pebble
Beach National Pro-Am.
It followed consecutive runner-
up spots, to Phil Mickelson at the
Phoenix Open and Tiger Woods at
the Farmers Insurance Open, and
was his fifth top-three finish in his
last eight outings.
FIDDLY
Im not a huge fan of Snedekers
fiddly, fast, edgy playing style, but
his form has been fantastic and he
carried on in exactly that vein.
The week had started with
promising signs for Scotlands
Russell Knox, who shared the lead
after the first round, and
although he ended tied for
28th, he looks to be another
name to watch in 2013.
Sam Torrance OBE is a multiple
Ryder Cup-winning golfer and media
commentator. Follow him on Twitter
@torrancesam
TUESDAY 12 FEBRUARY 2013
Ronaldo is a bully. He bullies the weakest
defender. He decides his position based on
who is the weak link

SPORT
cityam.com/sport
cityam.com
BY JOSH RICHARDS
IRELAND prop Cian Healy could miss
the rest of the RBS Six Nations cham-
pionships after being cited for a
stamp on opponent Dan Cole during
Sundays 12-6 defeat to England in
Dublin.
In a bruising encounter, which
also saw Ireland winger Simon Zebo
suffer a broken foot, an injury set to
rule him out of action for 10 weeks,
Coles ankle was trodden on after
an Irish maul collapsed.
Healy is due to appear before an
independent Six Nations
disciplinary committee tomorrow
and faces a possible nine-week ban
if found guilty.
Healy facing
Six Nations ban
BY JOSH RICHARDS
Sternes comeback inspired by success of contemporaries
@cityam_sport
27
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BAGGIES MAKE GERRARD PAY THE PENALTY
ENGLAND captain Steven Gerrard missed a penalty as Liverpool slipped to a shock 2-0
defeat at home to West Brom last night. Defender Gareth McAuley and forward Romelu
Lukaku both struck in the final nine minutes to earn the Baggies a first win of 2013 and
lift them into eighth in the Premier League, one place above Liverpool.
BORUSSIA Dortmund boss Jurgen
Klopp has ruled out becoming the
next permanent manager at Chelsea.
Dortmund occupy second place
in the Bundesliga table and Klopp
intends to see out his contract at
the Westfalenstadion until 2016.
Its a big honour, said the 45-
year-old. But in this moment Im
not on the market.
Rafa Benitez, interim manager at
Stamford Bridge, is expected to
leave in the summer having
struggled to win over Blues fans
since his appointment in November.
EXCLUSIVE
BY CHRISTIAN SYLT
Gary Neville on Cristiano Ronaldo
Klopp refuses
Chelsea move