Ecclestone loses F1 rights to banks

A GROUP of three banks has wrested control over the companies controlling Formula One’s commercial rights from supremo Bernie Ecclestone, the German state bank BayernLB said.

In a settlement agreed last week, which put an end to a three-year legal battle, Mr Ecclestone has effectively given in to all demands from the banks, which have pooled their interest in the Speed Investments holding company, BayernLB added.

The banks, BayernLB, JP Morgan and Lehman Brothers, own 75% of Formula One holding company SLEC and wanted their stake translated into influence over Ecclestone’s operating companies, like Formula One Administration (FOA).