Willi Weber (right) has accepted a public apology and undisclosed damages, following a legal action against BusinessF1 magazine.

The case referred to an article in the April 2005 edition of the magazine, titled "The trouble with being Willi Weber".

The damages were described as "substantial", and will be paid to a charity of Mr Weber's choice.

Mr Weber's counsel, Matthew Nicklin, told Mr Justice Eady that the article contained numerous false statements and drew misleading conclusions regarding the German, who manages Michael Schumacher. Amongst other things, the article claimed that Weber earned money by unlawful means, and also claiming that there were financial irregularities relating to Weber and a company called Pole Positions.

Nicklin said that it was accepted that there was no truth to the allegations, and that BusinessF1 accepted the considerable damage done to Mr Weber.

BusinessF1 publisher Tom Rubython, who was also a defendant in the case, told Justice Eady: "On behalf of both defendants we accept all that has been said by the lawyer for the claimant and we apologise to the claimant for the statements we published concerning him."