Ecclestone Threatens Legal Actions Against GPWC

F1 supremo Bernie Ecclestone threatens to sue the carmakers involved in GPWC if they continue to destabilise Formula One. "The writs will fall like leaves in autumn," Ecclestone told the Financial Times.

"We're like a big car showroom, and these people wanted to come and put their cars in the showroom," Ecclestone further explained. "Now they're inside the showroom, they want to break all the glass so nobody can see. They should be building the brand.

"It's having a terrible effect already. I've had one big sponsor say to me 'we're sorry Mr Ecclestone, we haven't told the team yet but we are not going to continue in F1 because of the uncertainties'."

Ecclestone currently owns 25 percent of F1's commercial rights holding company, SLEC, having sold the remaining 75% to EM.TV and later to now insolvent Kirch. These shares are now held by three banks. Ecclestone recently said he would attempt to purchase these shares back in order to bring back stability to the sport.

Ecclestone himself, now 72 years old, has also been attempting to reach a settlement with the carmakers and recently suggested a new Concorde Agreement should be made before the current expires, at the end of 2007. However, he has been met with opposition from the GPWC who want greater control over the sport as well as higher revenues apportioned to them.

"I suppose when I am no longer here, you'll have a completely different structure and a different form of management," Ecclestone told the newspaper. "And maybe it'll be better. Provided it's not going to be a whole load of accountants and lawyers, it'll probably work. But it's a little bit like the rule changes - you won't know until it's happened.

"Certainly, I wouldn't want to leave things as they currently are. I'd like to leave when Formula One is back where it was: on the top."