Formula 1 boss Bernie Ecclestone has denied making a "corrupt bargain" with a German banker to keep himself as head of the sport.
Mr Ecclestone is accused of striking a deal with a Gerhard Gribkowsky to facilitate the sale of the Formula 1 Group to a buyer "chosen" by him.
A German media company says it lost out as a result of the deal and is seeking compensation.
Mr Ecclestone told the High Court in London Constantin Medien's claim "lacks any merit" and he denied any "conspiracy".
He admitted making payments to Dr Gribkowsky, who has since been jailed for corruption, but said it was because he threatened to create difficulties with tax authorities.
"It is true," said Mr Ecclestone. "That's what I have always said."
"I made the payment ... because he said he would shake me down concerning tax arrangements with our family trust ... which would have been very expensive."
He added: "It was £10m as it happens."
Mr Ecclestone also denied saying different things to journalists or changing his story.
He said: "Most of these journalists, as you know, really should be closely working with Jeffrey Archer."
The recent F1 Grand Prix in China Philip Marshall QC, for Constantin, said payments of around £27m were made to Dr Gribkowsky - who had been a "senior ranking official" at a German bank - at the instigation of Mr Ecclestone.
Mr Marshall said a "corrupt arrangement" was entered into between Mr Ecclestone and Dr Gribkowsky in 2005.
This resulted in the bank selling its holding in the Formula 1 Group to a private equity group called CVC for less than it was worth.
Mr Eccelestone was afraid of losing his position as chief executive and believed CVC would support him continuing in the role.
Mr Marshall said Constantin had investment rights in Formula 1 and was entitled to proceeds of any sale.
He said if the judge agreed the company had been a "victim of fraud" it would be entitled to compensation.
Robert Miles QC, representing Mr Ecclestone, said: "This claim lacks any merit. In short, this is an artificial, manufactured complaint.
"The claim fails on each of its elements: there was no conspiracy, there was no intent to injure Constantin ... Constantin has suffered no loss."
The hearing is expected to last several weeks.
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