Bank aids F1 teams in Ecclestone battle
Sunday 22 June 1997
Tyrell, Maclaren and Williams, who last year refused to sign the so-called Concorde Agreement governing the split of TV revenues generated by Formula One, are arguing with Mr Ecclestone over the shareout of TV revenues among teams.
The 10 racing teams currently receive 47 per cent of the TV revenues, which form the largest slice of the money generated by the sport. Mr Ecclestone's company, Formula One Holdings, receives the majority share.
The three teams asked DKB to look at the implications of the float in order to protect their interests. DKB would not comment.
Mr Ecclestone is being advised by US securities firm Salomon Brothers. Earlier this month David Wilson, Formula One Holdings' finance director, said there was a simple solution to the dispute over sharing TV revenues: "The logical thing is for all the racing teams to give up part of their share of the TV revenues in exchange for shares in the company."
Mr Ecclestone had hoped to float his company, now owned via a Jersey- based company called Petara and held in a family trust of which his wife Slavica is the chief beneficiary, around the time of the British Grand Prix next month. But the float, if it makes it to the starting grid at all, is unlikely to take place until the Autumn.
As part of the planned float, Mr Ecclestone will give the Federation Internationale d'Automobile (FIA), which governs the sport, 10 per cent of the new company. This would be the FIA's reward for granting Mr Ecclestone a new 25-year licence, which began on 1 January, to manage and exploit Formula One.
- 2 Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Kenya bus attack: Al-Shabaab militants slaughter 28 non-Muslims who failed to recite Koran
That Sugar Film director Damon Gameua receives shocking diagnosis after going on healthy sugar diet for just 60 days
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...