McLaren and Williams lose SLEC case

The McLaren International and WilliamsF1 teams have lost their legal action in the International Chamber of Commerce in Switzerland against Bernie Ecclestone, in which they claimed that they (and all the other teams) should have benefitted from the sale of a stake in F1 commercial rights holder SLEC Holdings in 2001

Apr 30, 2003, 10:38 AM

The teams' lawyers asserted that they had negotiated the right to receive one percent of the revenue generated by a flotation of SLEC, and that this deal also applied in the event of a private sale. Each company claimed that it was owed $24m ($20.3m plus interest).

However Ecclestone's team successfully argued that dividends would only have been payable if SLEC had been a publicly listed company.

The court in Lausanne set costs of $1.1m against the teams.

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