Van der Garde drops case after 15 million compensation

Dutch media reports on Tuesday said Bernie Ecclestone was involved in negotiations that have ended the Giedo van der Garde saga. The morning newspaper De Volkskrant refers to compensation for the Dutch driver in the order of EUR 15 million, with other reports saying the money will flow from a Credit Suisse account in the coming hours.

Another daily, Algemeen Dagblad, reported that van der Garde's manager Jan-Paul ten Hoopen will have something to say on the matter later this week. It seems the financial compensation, calculated on the basis of van der Garde's two contracted years at Sauber (2014 and 2015) as well as legal fees, will result in the 29-year-old dropping the case in full.

It is believed F1 supremo Ecclestone, from his office in London, got involved in the frantic negotiations last weekend as the negative headlines swirled from the Melbourne courts and paddock throughout the world. Algemeen Dagblad said the 84-year-old Briton personally contacted fellow billionaire Marcel Boekhoorn, who is Van der Garde's backer and father-in-law. It is rumoured part of the deal might involve Boekhoorn taking shares in the embattled Swiss team. (GMM)