Bernie only owns 25% of F1!

[docevi1]

Well I never, Ecclestone actually only owns a 25% stake in the F1, it looks that is coming into dispute now

itv-f1.com said:

A court has ruled the three banks that own a share in F1 can pursue their legal battle with Bernie Ecclestone in London later this month. The banks, who own 75 per cent of F1’s holding company to Ecclestone’s 25 per cent, are taking action in a bid to gain a bigger say in the running of the sport. Ecclestone’s companies, Formula One Holdings Ltd (FOH) and Bambino Holdings Ltd, had appealed for the case to be heard under Swiss law rather than British. But Lord Justice Carnwath of the appeal court upheld a decision that the case should be heard in the UK. He said that waiting for a ruling from a Geneva court would serve "no purpose but to increase delay and expense". The right to appeal was refused and so the main case will now be heard in London later this month. The judge added that the case would have major implications on the way the sport is run. He said: "The overall dispute concerns the control and future of Formula 1 racing.” The banks - Bayerische Landesbank, JP Morgan and Lehman Brothers - control 75 per cent of SLEC, the holding company that owns the commercial rights to F1. However, the composition of FOH’s board means that Ecclestone retains full management control of the Formula 1 group of companies – despite owning just 25 per cent of SLEC through his family trust, Bambino Holdings. If the banks were to win their case, it would weaken Ecclestone's iron grip on the sport. The financial institutions would probably seek to clinch a deal with the GPWC, thus preventing a breakaway championship and protecting their investment.