FEBRUARY 23, 2003
Bernie and the banks
If Ecclestone does buy back the shares from the banks he will be in a position to build up the business and will then look to sell it again, perhaps in the form of a stock market flotation. This was his original aim but plans were changed because of the economic uncertainties at the time and disputes with some of the teams.
The manufacturers continue to say that they want to control the F1 revenues. Ron Dennis says that the teams currently get only 23% of the money flowing into the sport. The problem is that Ecclestone does not own the commercial rights to F1, he leases them from the FIA and the federation retains the right to cancel the deal if a "change of control" takes place and it is not satisfied with the new management. As long as Ecclestone remains in charge all is well but if he goes the FIA may not allow a manufacturer nominee to take over. If however everyone is willing to compromise there is probably a way forward without the need for a rival series or endless bickering over every detail.
Until that deal is done the manufacturers say that they are continuing to push ahead wsith plans for a new series but in doing so it is still risking the wrath of the FIA which was deeply upset when the suggestion was made that the GPWC run a non-FIA regulated series. This is not a very practical idea given the FIA's political strength.