Honda F1 website

NOVEMBER 11, 2004

Forget the race track, watch the High Court

Tomorrow morning at 09.45 (GMT) the Court of Appeal at the High Court in London will rule on the appeal in the case of Speed Investments Ltd. versus Formula one Holdings Ltd. This may not sound very interesting but it could be very significant for the future of the sport because Speed Investments is the company which is owned by the three banks which are trying to gain management control of the Formula One group. Together they own 75% of SLEC, the Formula One holding company, and if they win the case today it will begin the process by which they will ultimately take control of the business. If that happens it is thought that a deal will quickly be done for the World Championship to be run by the GPWC. However it is not likely that Bernie Ecclestone, the owner of the other 25% of the business is going to give up the fight easily and so we can expect further legal actions. The decision in the appeal was not expected this early with suggestions that it might be delayed into next year. However, it seems we will have a decision tomorrow.