MARCH 21, 2004
Legal actions in London
The Reuters newsagency is reporting that the Bayerische Landesbank, the state bank of the southern German state of Bavaria, JP Morgan Chase Bank and Lehmann Brothers, which together hold 75% of SLEC, have filed a law suit against Bernie Ecclestone, who holds the remaining 25% of the shares in the Formula One group holding company. It is not clear what the lawsuit centres on but the whisper in Malaysia is that it is a challenge to Ecclestone's management control of the business and the way in which directors are appointed. Sources in Germany have confirmed this saying that the banks want a ruling on whether or not they have a right to make appointments to the board.
The implications of the case are enormous as if Ecclestone lose his control of the management of the Formula One group the whole structure of the sport could change.
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