13/11/2004
NEWS STORY
Bernie Ecclestone's recent winning streak appears to be coming to an end.
An appeal court in London has refused the F1 supremo's request to have an action being brought by the three banks that own 75% of F1 heard in Switzerland rather than England.
Lord Justice Carnwath denied Ecclestone's appeal, which means that the case will be heard in England later this month.
Yesterday's ruling upheld a previous decision by Mr Justice Lewison in the High Court in July.
"The overall dispute concerns the control and future of Formula One racing," said Lord Carnwath. He added that no purpose would be served by moving the case to Switzerland, which came as a bitter blow to Ecclestone.
The three banks, Bayerische Landesbank, JPMorgan and Lehman Brothers, are disputing the fact that despite owning 75% of F1 they have virtually no say in the running of the 'business'.
Should the banks win, this would be a massive blow to Ecclestone, who would lose his control of F1, it's also thought that the banks would seek a deal with the manufacturers that comprise the Grand Prix World Championship.
However, Ecclestone is nothing if not a fighter, and it would be unwise of anyone to conclude that the Englishman's rein is coming to an end.