FEBRUARY 15, 2005
A new legal team for Mr E
Bernie Ecclestone has taken on a new legal team in an effort to hold on to management control of the Formula One group. Ecclestone was previously represented by Lovells. The job has now gone to Richards Butler, a company which is trying to pep up its reputation following the departure of two of its commercial disputes specialists to rival firms. It is not clear whether Ecclestone dumped Lovells or vice-versa but after several defeats in the High Court either Ecclestone felt he wanted better representation or the law firm decided it did not want to defend Ecclestone.
Ecclestone's control of the Formula One Management and Formula One Administration companies is being challenged by Bayerische Landesbank, Lehman Brothers and JPMorgan Chase, which own 75% of the Formula One Holdings firm, which they acquired when the German media group Kirch went bankrupt in 2002.The move will almost certainly mean that the case will be adjourned in order for the new legal team to study the case.
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