The battle for who will control Formula One has begun in London's high court. The battle comes down to Bernie Ecclestone (pictured at right), who owns 25% of the SLEC, Ecclestone's Formula One Holdings (FOH) company, and three banks - JP Morgan, Lehman Brothers and Bayerishce Landesbank - who together own 75% of the SLEC (although they reportedly have purchased three separate 25% minority shares). The banks, who have banded as Speed Investments, claim that Ecclestone has deprived them of the right to appoint directors to refelect their level of shareholding. Tired of the legal mumbo-jumbo and all the reading in-between the lines? Yeah, me too. Basically, the decision of the high court will determine who controls the future of Formule One, the banks or Bernie Ecclestone. Ecclestone, who has had a 30-year iron rule on Formula One, told Britain's Financial Times, "The banks don't have any rights, I am the CEO of Formula One Management and Formula One Administration — I own F1." Apparently, old Bernie is pretty confident, one wonders if that smirk will still be there when a decision comes down in a few weeks time…
Hi! We notice you're using an ad blocker. Please consider whitelisting Autoblog.
We get it. Ads can be annoying. But ads are also how we keep the garage doors open and the lights on here at Autoblog - and keep our stories free for you and for everyone. And free is good, right? If you'd be so kind as to whitelist our site, we promise to keep bringing you great content. Thanks for that. And thanks for reading Autoblog.
Here's how to disable adblocking on our site.
- Click on the icon for your Adblocker in your browser. A drop down menu will appear.
- Select the option to run ads for autoblog.com, by clicking either "turn off for this site", "don't run on pages on this domain", "whitelist this site" or similar. The exact text will differ depending on the actual application you have running.
- Refresh the Autoblog page you were viewing. Done!
You still haven't turned off your adblocker or whitelisted our site. It only takes a few seconds.