A European Commission inquiry into the proposed take-over of SLEC, the company headed by Bernie Ecclestone that currently holds the commercial rights to Formula One, by new owners CVC has been given approval this morning.
The inquiry has been a major stumbling block in the on-going talks between the 'rebel' manufacturers group 'GPMA' (composed of Renault, Mercedes-Benz, Honda, Toyota, BMW and McLaren) and the FIA over a blueprint for the future of the sport.
The GPMA released the following statement regarding the news:
"The GPMA manufacturers and their teams welcome and support the EU clearance of the planned acquisition of SLEC by CVC, conditional upon the divestiture of its subsidiary Dorna. Since CVC announced its intention to acquire SLEC, significant progress in the discussions about the commercial future of Formula One has been made. Today’s approval was actively supported by the GPMA manufacturers and teams and they are optimistic that it will create additional momentum for the ongoing negotiations."
The hope now is that the long-rumoured threat of a 'split' by the GPMA, who have talked of running their own series should the FIA not come to a satisfactory agreement, can be averted and that all parties can continue negotiations with one less barrier on the horizon.
Updatef1 will bring you news of any further developments.
Written: Tue, 21 Mar 2006 13:19:09
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