Bernie losing it? Article in FT.

there was an article in the weekend edition of FT (out yesterday 03/26) that states that it's believed bernie has lost his ongoing legal battle with the banks.

it remains to be seen if it's true, and it remains to be seen what the repurcussions will be if it is true.

regardless, it should be entertaining!

http://news.ft.com/cms/s/707f85e2-9d9d-11d9-a227-00000e2511c8.html

you can't read the whole thing unless you're an online subscriber. i only have it on paper, so it's not convenient to post here - perhaps someone else could?

doody.

 

Doody,

There's an interesting in-depth discussion at http://forums.atlasf1.com/showthread.php?s=&threadid=77620 if you wish to take a read over a long drink.

It should be very entertaining indeed, but I am unsure who will buy out the remaining shares - the only potential buyers are Bernie or the other teams. The shares could be worth absolutely nothing in 2 years once the present concorde agreement expires, hence little interest from other potential bidders, and the banks insistance on sorting this all out sooner rather than later. As with most deals in the sport, it wouldn't surprise me if Bernie still comes out the victor in some shape or capacity once the saga ends.

 

Mr. E's deal with the banks has a price?
Sat 26 Mar, 11:56 AM


F1 ringmaster, Bernie Ecclestone looks to have relinquished some of his control on the sport, following the 'peace' settlement agreed on Wednesday this week with the three banks - Bayerische Landesbank, JP Morgan and Lehman Brothers, who own a 75 per cent stake in SLEC, the company that controls the commercial rights to F1.

According to reports by the media, the full extent of the deal only became public yesterday.

"Speed Investments, as majority owner of SLEC, has regained the influence that corresponds to the shareholding structure with this deal," Bayern LB board director Gerhard Gribkowsky, who is also chairman of SLEC, told British newspaper, The Guardian.

"Speed will use this influence on the operating level in a constructive and responsible manner and in the interest of all parties."

What this means for Ecclestone is unclear, although it is unlikely they will want to do anything to drastic, something that will probably mean Bernie remains as the 'ringmaster' - for now at least, the only difference being he will have to answer to the banks.

 

From The Times today:


March 28, 2005

They're off – F1 chief has his wheels stolen





THE man who made his fortune from the world’s fastest cars is going nowhere in his new £300,000 Mercedes.

First, Bernie Ecclestone, left, lost control of Formula One racing to a consortium of investment banks. Then he lost his wheels to a thief outside his home in Chelsea.

The car is a 5.4-litre CLS55 AMG V8 Kompressor, with fingertip recognition and acceleration of 0-62mph in 4.7sec. It is the first of its kind in Britain.

The wheels were 18in twin-spokes with wide-base tyres. They will cost more than £5,000 each to replace.

Furthermore, the thief dented the car’s bodywork as he jacked it up — yet the crime could be his undoing: closed-circuit television cameras outside Mr Ecclestone’s home caught him at work and recorded the registration number of his car.

Mr Ecclestone, 74, and his wife, Slavica, have previously been robbed of a Rolex watch and a £60,000 ring near their home.