24/01/2005
NEWS STORY
The power struggle between Bernie Ecclestone and the four banks that own 75% of F1 - Bayerische Landesbank, JP Morgan, Lehman Brothers - will continue on May 10, it has been announced.
The long drawn out saga was back in court today, as the banks attempt to win the right to have a say in the administration of the complex web of companies that comprise F1.
Ecclestone is currently defending his position on two fronts, with the banks on one side and the threat of the GPWC on the other. Though last week's shock deal with Ferrari and the up-front cash incentives being offered to the teams looks likely to settle at least one of the fights in his favour.