(GMM) The seemingly infinite row over the future of formula one might finally have turned a corner.
In a bid to at least clean up a messy commercial ownership structure, Germany's Bayerische Landesbank has bought out fellow 'SLEC' (Speed Investments) shareholders Lehman Brothers and JP Morgan Chase.
The deal means that F1 is now solely owned by 'Bayern' (75 per cent) and F1 supremo Bernie Ecclestone (25 per cent), clearing the path for a tidier purchase by a third party.
Ecclestone, 74, earlier this year lost a court battle with the banks over disputed control of F1's commercial rights.
Ever since, there have been reports that the banks are negotiating the sale of their majority stake -- with parties like the F1 teams, GPMA, Bernie, and private consortiums like Tom Group and BSkyB.
Written: Wed, 12 Oct 2005 07:55:46
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- December 05, 2005Banks in F1 sale veto
- November 02, 2005F1 bank urges peace
- October 12, 2005Two banks sell F1 shares
- August 30, 2005F1 'not for sale' - Bernie
- April 27, 2005Banks plan F1 change
- January 25, 2005Bernie back in court
- December 21, 2004Banks reveal F1 stance
- December 20, 2004Banks won't oust Bernie
- December 06, 2004The High Court decides
- (October 12, 2005)View all headlines from this date
