Judgement Delayed in Legal Battle over FOH

Formula One supremo Bernie Ecclestone will have to wait several weeks for the verdict in a legal battle over control of Formula One Holdings, after a judge reserved his ruling on Tuesday.

Three shareholding banks have brought a case disputing the validity of the appointment of two directors to the board of Formula One Holdings (FOH). After two days of legal argument the judge said he would hand down his judgment later in the year.

Bayerische Landesbank, JP Morgan and Lehman Brothers have a combined 75 percent control of the SLEC holding company that owns the commercial rights to Formula One. The other 25 percent is owned by Bambino Holdings, an Ecclestone family trust.

SLEC owns FOH. The banks are contesting the appointment to the FOH board of Luc Argand and Emmanuele Argand-Rey two years ago, arguing that although the banks own the majority of the shares they do not have control because of the board's composition.

Lawyers for the banks, who acquired their stake in Formula One after Germany's Kirch media empire collapsed owing them $1.6 billion, had asked the judge for a "summary judgment" in the case.

The case is being closely watched by major carmakers who have threatened to set up their own 'rival' series from 2008 via GPWC Holdings.