THE threat of a Formula One rival series has ended after five ‘rebel’ teams reached a peace deal to remain in the championship long-term.

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.

Bernie Ecclestone and three banks have agreed an out-of-court settlement in the latest instalment in the battle for control of Formula One.

The future of the British Grand Prix appears to be secure after Formula One supremo Bernie Ecclestone bought the rights to the race.