Banks now control F1?

UPDATE Eddie Jordan believes the banks must keep Bernie Ecclestone in charge of F1 to secure the long-term future of the sport. "Formula One with Bernie Ecclestone is worth far more than without Bernie," the Irishman told The Daily Telegraph. "The banks may have the equity and the voting rights now, but the fact is that Bernie has the promoters, the teams and the sponsors on his side. The real control and value is with Bernie." Minardi's Paul Stoddart added, "A sale of a stake to the carmakers would be a first step to avoid the disaster of two Championships," Stoddart told the British newspaper. "The banks must realize they need Bernie to make an exit on their investment." 03/25/05 Reports are beginning to emerge in Germany which indicate that the deal between Bernie Ecclestone and the Formula 1 banks is a deal that is heavily in favor of the banks. SLEC's chairman Gerhard Gribkowsky is widely quoted as saying that the banks now influence relative to their shareholding throughout the entire F1 empire. The reports are being carried by credible media organizations such as Dow Jones, Reuters Germany and the influential Frankfurter Allgemeine Zeitung. If these stories turn out to be true all further legal actions, including the writs against Ecclestone for damages will disappear and Bambino, the Ecclestone Family trust will be relegated to being just a minor shareholder in the business. It is not clear whether this will affect Bernie Ecclestone's status as chief executive but it is logical to assume that he will remain in the role and operate on behalf of the banks. Grandprix.com

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