That is potentially damaging to Ecclestone as the same factual issues will form a substantial part of his looming trial in Germany. He faces a possible jail sentence if convicted.
Ecclestone has repeatedly denied wrongdoing and says he will fight to clear his name in Germany.
The British judge also rejected Constantin's version of events, saying it was "no part of Mr Ecclestone's purpose" to undervalue the BayernLB stake.
"Mr Ecclestone's aim was to be rid of the banks. He was strongly averse to their involvement in the Formula One group and was keen that their shares should be transferred to someone more congenial to him," he wrote, referring to CVC.
(Read more: German bank seeking damages from Ecclestone)
Ecclestone has been forced to relax his grip on Formula One until the German criminal case is settled.
Formula One has said that Ecclestone remains in day-to-day charge of running the business, which has an annual turnover of around $1.5 billion, but he has stepped down as a director pending the outcome of the German trial.
Ecclestone will also face tighter supervision from a Formula One board that includes prominent businessmen including Nestle chairman Peter Brabeck and CVC co-founder Donald Mackenzie.
The uncertainty over Ecclestone's future makes it hard to revisit stalled efforts to launch an initial public offering of a sport that attracts hundreds of millions of television viewers to its series of grand prix races held around the globe.
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