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

F1’s commercial boss Bernie Ecclestone says yesterday’s High Court finding against him in London “means nothing” in the dispute between himself and three German banks.

Bernie Ecclestone’s future control of Formula One racing was thrown into doubt today when the UK's High Court ruled against him in a boardroom power struggle.

A High Court judge in London has reserved his ruling on a case that could lead to Bernie Ecclestone losing control of Formula 1 racing.