Judge slams Ecclestone's F1 power

[MaineDem]

A judge has ruled against Bernie Ecclestone in a boardroom dispute which could see the businessman lose control of Formula One racing.

Three creditor banks were disputing the make-up of the board of Formula One Holdings (FOH), the company that runs the Grand Prix circuit.

...

At stake is Mr Ecclestone's grip over a sport from which he has amassed a reputed fortune of £2.3bn ($4.2bn).

The ruling could also have a bearing on the dispute between Mr Ecclestone and the car manufacturers involved in F1.

The car companies have threatened to set up a rival series in 2008 if they are not given a bigger share of F1's revenues and more say in the running of the sport.

http://news.bbc.co.uk/2/hi/business/4071879.stm

[WilmywoodNCparalegal]

1. It amazes me how

the major racing scenes tend to be owned by one individual or family (Ecclestone for F1 and the France family for NASCAR, for instance).