MAY 10, 1999
Van Miert warns F1 (again)
THE outgoing European Union Competition Commissioner Karel Van Miert says that he is coming to the end of his investigation into Formula 1 racing and that the Commission will be ruling on the matter shortly. Van Miert is due to leave office in September but intends to settle the battle with F1 before he goes.
The Belgian politician recently met F1 boss Bernie Ecclestone to discuss the situation and members of his staff met with the FIA President Max Mosley "Some progress has been made," Van Miert said, "but in other areas the gap has not yet been bridged."
If there is no more compromise, the most likely outcome is what is known as "a statement of objections" which will list the abuses which the Competition Directorate has identified. Once this has been done solutions must be found.
The outcome of the investigation is very important to Ecclestone as it will have an effect on his plans to either float Formula One Holdings or issue a Eurobond against the company's future profits.
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