It's been revealed that Jenson Button has signed a new three-year management deal with Essentially sport, though John Byfield will step down as CEO and Chairman.

Button was the subject of a highly publicised tug of war this year, following advice from Byfield, which saw the youngster sign a contract with WilliamsF1, even though he was still contracted to BAR.

The Contract Recognition Board eventually decided in favour of the Brackley team, with Button and Byfield widely seen as the culprits in an episode, which did F1 no favours.

As statement released by Essentially Sport today, reads:

CEO and Chairman of Essentially Group, John Byfield, announces that he will be stepping down from the Board with effect from 1 January 2005. Having helped the Group to achieve its initial goals he leaves the business well positioned for future growth and development. Mr Byfield will remain with the Company using his in-depth knowledge and skills to focus upon its motor sport interests. The Board will announce his successor shortly and expects to make an announcement in early 2005. Duncan Hickman, currently a non-executive Director, will act as interim CEO and Chairman until the appointment is made.

The Company also announces that Peter Hedges, a non-executive director, is retiring from the Board. He will be replaced by Richard Bell-Young who will be appointed to the Board as a non-executive director with effect from 1 January 2005. Mr Young, 45, has over 28 years sales and marketing experience in the finance services and property industry. He is an executive director of a major Life Pensions & Investment Intermediary in Gibraltar and also a Non Executive Director of the holding company of the Holiday Property Bond, an investment product linked to UK and International properties and developments.

Commenting on the results and board changes, interim CEO and Chairman, Duncan Hickman said:

"The Group continues to perform well with all areas of the Company contributing to the improved performance at the nine month stage. The summer and autumn months are always busy for us. Since we published our interim results I am delighted to announce that the Company has signed a new three year commercial agreement with Jenson Button."

He added: "John has done an excellent job as CEO and Chairman and in particular has established the Group as one of the market leading management companies. The Group is well positioned to expand its range of activities across a broader range of sectors as well as a wider range of sports. To achieve this we have identified the candidate who has been selected to succeed John and we hope to announce their appointment shortly. On behalf of the Board I would like to thank him for his hard work and dedication, which will no doubt continue as he concentrates his expertise in the motor sport division. I would also like to thank Peter for his advice over the last two years and welcome his replacement Richard."

The company revealed profits of $673,662 in 2004, compared to $19,866 in 2003.