GPWC Welcome Judgement Against Ecclestone

The ruling of a High Court judge ruled against Formula One supremo Bernie Ecclestone today, in a legal dispute with three banks, was immediately hailed by Formula One carmakers planning their own series from 2008 as a key decision for the future of the sport, despite Ecclestone playing down its importance.

"Today's judgment seems indeed to be a turning point in the future of Formula One," said the carmakers' Grand Prix World Championship (GPWC) in a statement.

"GPWC supports any development that benefits the sport's long-term stability and will follow upcoming events with interest."

Three shareholding banks under the name Speed Investments brought a case disputing the validity of the appointment of two directors to the board of Formula One Holdings (FOH), which diluted their influence.

At the start of a judgment expected to last many hours, Justice Andrew Park said: "In my judgment it is clear that Speed's contentions are correct and I should therefore make the declarations which it requests."

The judge refused to freeze the judgment pending an application to the appeal court for permission to challenge his ruling.