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JOHNNYBET

High Court accepts banks' "contentions"

NEWS STORY
06/12/2004

A High Court judge has said that he accepts the "contentions" of the three banks, Bayerische Landesbank, JP Morgan and Lehman Brothers, locked in battle with Bernie Ecclestone for the control of Formula One.

Speaking at the start of his judgement, Justice Andrew Park said: "In my judgment it is clear that Speed's contentions are correct and I should therefore make the declarations which it requests."

By referring to Speed, Justice Park is referring to Speed Investments, the Jersey-based company formed by the three banks.

Between them the three banks own 75% of SLEC, which in turn owns Formula One Holdings, with the remaining 25% owned by the Ecclestone family trust.

The banks are claiming that in spite of their massive financial stake in F1, they see no return and furthermore have no say in company matters, in particular the appointment of members to the company board.

The hearing will continue for several hours, but the first signs are clear that the Judge feels the banks have a strong case, if they are successful Formula One's power base will have begun to slip away from Ecclestone who has built up and ruled the sport for over twenty years.

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