Honda F1 website

AUGUST 23, 2004

The banks win a minor skirmish

The battle between the banks and Bernie Ecclestone for the control of SLEC, the Formula One group holding company was in the courts recently with a skirmish over whether or not the case can be heard at the High Court in London because of questions of jurisdiction. The court ruled that the case can be decided in Britain and the battle will be rejoined in the High Court at a later date. The fight is over the right of the banks to nominate directors to the board of the company. If the banks win the board could be changed and decisions made without Ecclestone being able to stop them.