20/09/2004
NEWS STORY
As F1 attempts to come to terms with the news that Ford wants out, the sport is about to be hit by a fresh crisis.
Lehman Brothers, JP Morgan Chase and Bayerische Landesbank - the three banks that own 75% of SLEC, the company that basically 'owns' F1 - are taking Bernie Ecclestone and his various companies to court.
It's understood that there are a number of actions pending. First off, the banks - which despite owning 75% of F1 have virtually no control of the sport, no voting rights and precious little insight into the numerous behind-the-scenes 'deals' involved - are questioning the legitimacy of Formula One Holdings.
A second action will be launched in the coming weeks, This will concentrate on Formula One Assets, a subsidiary of SLEC, which controls the sport's most precious assets such as TV contracts and merchandising licences.
Finally, it's thought that there will be a third action, whereby the banks will seek damages for the loss they have incurred in buying F1 - they originally paid around $1.6bn, but the shares are worth considerably less today.
It's thought that if the decision goes the wrong way - or right way, depending on your viewpoint - it could cost Ecclestone many millions.
The banks would dearly love to sell their stake in F1, but the FIA has the right to veto any such deal should it not be happy with the potential purchaser.