Banks beat Bernie

[The Doctor]

http://www.pitpass.com/fes_php/pitpass_news_item.php?fes_art_id=23920

Banks win, get to vote their 75% share in SLEC. Bernie concedes all the points against him. Bernie to probably stay on for a while.

[pchall]

http://www.pitpass.com/fes_php/pitpass_news_item.php?fes_art_id=23920

Banks win, get to vote their 75% share in SLEC. Bernie concedes all the points against him. Bernie to probably stay on for a while.

The sooner the banks decide to push Bernie and Max over the side the better for F1 and motorsports as a whole.

[Methanolandbrats]

F'n bankers are going to run a race series? :saywhat: Is that what it means?

[Dirty Sanchez]

The sooner the banks decide to push Bernie and Max over the side the better for F1 and motorsports as a whole.wrong. this is far from over. I think they are both realizing they might be in the sheeeet over this GPWC deal and have decided to focus on common ground. the banks need Bernie now more than ever.

[dando]

F'n bankers are going to run a race series? :saywhat: Is that what it means?
More than likely just to control the commercial side (TV, etc.). Speed'd take on the deal:


"Speed [Investments, the company owned by the three banks], as majority owner of SLEC, has regained the influence that corresponds to the shareholding structure with this deal," claimed the statement. "Speed will use this influence on the operating level in a constructive and responsible manner, and in the interest of all parties."

It remains to be seen what will Speed’s influence mean in factual terms, as Bernie is probably the best man for the job of overseeing Speed’s investment - i.e., making sure that F1 continues as an immensely profitable business. In addition, it’s hard to believe Ecclestone would have accepted an out-of-court settlement that significantly hampered his control of the sport.

http://speedtv.com/articles/auto/formulaone/15872/

From an investment perspective, it would be a horrible mistake for the banks to try to run the competition side of the sport.

-Kevin

[L1P1]

If anything, the removal of the banks’ threatening cloud from above his head has actually strengthened Bernie’s position to negotiate with the GPWC manufacturers to avoid a split in F1 when the current Concorde Agreement expires in 2008.

Just speculation, but I'd imagine that the major auto manufacturers might carry considerable clout with these banks as well as the future of the sport. One might just as easily conclude that the prospective split was the cause of the legal action.