MARCH 24, 2005
The news that Bernie Ecclestone and the banks have done some sort of deal moves the political situation in Formula 1 on a little - but not much. The case had been under close scrutiny from the automobile manufacturers who are threatening to launch a rival series from 2008. No-one is sure what the outcome of the settlement is but there have, inevitably, been suggestions that Ecclestone has had to compromise and may be beginning to lose control of his empire. There is nothing to back this up at the moment.
However, it is fair to say that Bernie's position is still far from settled.
"At the end of the day," one of the team principals told The Guardian, "he only has a guaranteed income stream for the next two years. He has no new Concorde Agreement, nine of the teams are against him and he only has an outline heads of agreement with Ferrari, not a firm contract."
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