Bernie Ecclestone takes the stand to defend himself in Formula One 'corrupt' payment case

Bernie Ecclestone has taken the stand at the High Court in London to defend himself against allegations he made a "corrupt payment" to protect his position running Formula One.

Former F1 shareholder Constantin Medien, a German media company, is suing Ecclestone and other defendants for up to $144 million, claiming F1 was undervalued at the time the BayernLB bank sold its stake.

Ecclestone is accused of making a "corrupt bargain" with BayernLB's Gerhard Gribkowsky, paying $44 million to ensure the bank's 47 percent stake was sold in 2005 to a buyer of Ecclestone's choosing, investment group CVC Capital Partners.