Ecclestone, Banks Close to Deal

Formula One's shareholder banks are close to agreement with the sport's supremo Bernie Ecclestone in a dispute over the control of commercial rights, a High Court judge was told on Tuesday

Ecclestone, Banks Close to Deal

Lawyers told the judge "the parties are close to agreeing something" and asked him to set aside time on Wednesday to hear another submission.

"I think this will concentrate minds and allow a settlement to be reached," one lawyer said.

The judge, Justice Peter Smith, said he would hear the submission at 1700 GMT on Wednesday.

A court case was due in May pitting Formula One Holdings, now controlled by the banks after legal action last year, against Ecclestone's Formula One Administration (FOA).

The banks, Bayerische Landesbank, JP Morgan and Lehman Brothers, own 75 percent of Formula One holding company SLEC but want their stake translated into influence over Ecclestone's operating companies, like FOA.

FOA has three board members, one of them Ecclestone and another his lawyer Stephen Mullens. The banks acquired their stake as a result of the collapse of Germany's Kirch media empire.

The case is being closely watched by carmakers who are threatening to launch a rival series from 2008 if they do not get a greater share of Formula One's commercial income.

The commercial agreement covering the sport runs out at the end of 2007. World Champions Ferrari have already broken ranks with the carmakers to sign a unilateral deal with Ecclestone until 2012.

shares
comments
Schumacher Expects Further Trouble
Previous article

Schumacher Expects Further Trouble

Next article

Bridgestone Takes Blame for Poor Form

Bridgestone Takes Blame for Poor Form
Load comments
The “glorified taxi” driver central to F1’s continued safety push Plus

The “glorified taxi” driver central to F1’s continued safety push

As the driver of Formula 1’s medical car, Alan van der Merwe’s job is to wait – and hope his skills aren’t needed. JAMES NEWBOLD hears from F1’s lesser-known stalwarts

Formula 1
Jan 15, 2022
When BMW added F1 'rocket fuel' to ignite Brabham's 1983 title push Plus

When BMW added F1 'rocket fuel' to ignite Brabham's 1983 title push

There was an ace up the sleeve during the 1983 F1 title-winning season of Nelson Piquet and Brabham. It made a frontrunning car invincible for the last three races to see off Renault's Alain Prost and secure the combination's second world title in three years

Formula 1
Jan 13, 2022
How “abysmal” reliability blunted Brabham’s first winner Plus

How “abysmal” reliability blunted Brabham’s first winner

Brabham’s first world championship race-winning car was held back by unreliable Climax engines – or so its creators believed, as STUART CODLING explains

Formula 1
Jan 10, 2022
The steps Norris took to reach a new level in F1 2021 Plus

The steps Norris took to reach a new level in F1 2021

Lando Norris came of age as a grand prix driver in 2021. McLaren’s young ace is no longer an apprentice or a quietly capable number two – he’s proved himself a potential winner in the top flight and, as STUART CODLING finds out, he’s ready to stake his claim to greatness…

Formula 1
Jan 9, 2022
The original F1 maestro who set the bar for Schumacher and Hamilton Plus

The original F1 maestro who set the bar for Schumacher and Hamilton

Juan Manuel Fangio, peerless on track and charming off it, established the gold standard of grand prix greatness. NIGEL ROEBUCK recalls a remarkable champion

Formula 1
Jan 8, 2022
How Russell sees his place in the Mercedes-Hamilton F1 superteam Plus

How Russell sees his place in the Mercedes-Hamilton F1 superteam

George Russell joining Lewis Hamilton at Mercedes this year gives it arguably the best line-up in Formula 1 – if it can avoid too many fireworks. After serving his apprenticeship at Williams, Russell is the man that Mercedes team believes can lead it in the post-Hamilton era, but how will he fare against the seven-time champion? Autosport heard from the man himself

Formula 1
Jan 6, 2022
How F1 pulled off its second pandemic season and its 2022 implications Plus

How F1 pulled off its second pandemic season and its 2022 implications

OPINION: The Formula 1 season just gone was the second to be completed under the dreaded shadow of the COVID-19 pandemic, but in many ways it was much more ‘normal’ than 2020. Here’s the story of how the championship’s various organisers delivered a second challenging campaign, which offers a glimpse at what may be different next time around

Formula 1
Jan 5, 2022
The adapt or die mentality that will shape F1's future Plus

The adapt or die mentality that will shape F1's future

As attitudes towards the motor car and what powers it change, Formula 1 must adapt its offering. MARK GALLAGHER ponders the end of fossil fuels

Formula 1
Jan 3, 2022