31/10/2005
NEWS STORY
In a rare interview, Gerhard Gribkowsky, of Bayerische Landesbank, which recently took over the voting rights of the two other banks (Morgan Stanley and Lehman Brothers) which effectively own 75 per-cent of F1, has said that he believes the threat of a breakaway series will come to nothing, and that the banks have total faith in Bernie Ecclestone to continue as the sport's chief executive.
"We see it as a crucial issue for all constituents of Formula One to end the discussions on two series," Gribkowsky told Formula1.com. "We believe that the outstanding issues can be solved in dialogue between the parties. Mr Ecclestone and the shareholders are committed to continuing this dialogue and to finding solutions."
The five manufacturers behind the proposed breakaway series - the Grand Prix Manufacturers Association (GPMA) - which also has the support of a majority of the current F1 teams, not only wants to see those taking part in the sport getting a fairer slice of the 'F1 cake'. It also wants a change to the governance of the sport and also greater transparency.
Referring to Ecclestone, whose family trust still controls the remaining 25 per cent of F1, Gribkowsky said: "We have agreed a framework with Mr Ecclestone in which we as shareholders coordinate and agree key issues and decisions with him.
"Mr Ecclestone has built this business and made it one of the most successful sport events in the world," he added. "Mr Ecclestone is the CEO and we support him in this role wherever we can."
Asked if there was any possibility of the banks divesting themselves of its F1 holding - which they inherited in the wake of the collapse of the Kirch media empire, Gribkowsky said: "A divestiture of the bank's holding is currently not a relevant issue. All shareholders need to act concertedly to support the future development of the sport and that is exactly what we are doing."
Asked how the banks' shareholders felt about their involvement in F1, Gribkowsky's response was brief and to the point.
"This is an operational issue for the bank and not a matter for the bank's shareholders," he said.