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LEGAL BLOW FOR ECCLESTONE
Last Updated: Monday, 06, December, 2004, 19:55
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Bernie Ecclestone appears to have suffered a legal blow after a High Court judge said he accepted the “contentions” of F1’s shareholder banks.

However, Justice Andrew Park is still reading out his verdict so the full implications of the case are still unclear.

The three banks, united under the name of Speed Investments, were disputing the appointment of two directors to the board of Formula One Holdings.

The banks are seeking a bigger say in the running of the sport to reflect the fact that they own 75 per cent of SLEC, the F1 holding company.

At the start of his verdict, the judge said: "In my judgment it is clear that Speed's contentions are correct and I should therefore make the declarations which it requests."

The verdict could weaken Ecclestone’s decades-long control of the sport.

 

 




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