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.

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.