© Getty Images Enlarge

German bank BayernLB has rejected a settlement offer of $33 million (£19 million) from Bernie Ecclestone.

Earlier this week a Munich court dropped a bribery case against Ecclestone in exchange for a $100 million (£59 million) payment. BayernLB claims Ecclestone undervalued F1 when it was sold in 2006, with the court case which begun in April centred on accusations he paid German banker Gerhard Gribkowsky $44 million (£26 million) to ensure F1 was sold to a company he favoured. Ecclestone had always denied the charges.

"BayernLB has rejected Mr Ecclestone's settlement offer," a spokesman for the bank told Reuters on Friday. The bank's next step remains to be seen, though options available are civil proceedings or negotiate a bigger settlement from Ecclestone.

Ecclestone's lawyer in Munich declined to comment.

© ESPN Sports Media Ltd.