Ecclestone still driving force after court defeat

Bernie Ecclestone might have lost the wheels from his new Mercedes over Easter, but despite apparently also losing his court case with three banks last week there is little danger of the wheels coming off the Formula One empire he has built.

Lawyers have refused to comment on the terms of the out-of-court settlement agreed with Bayerische Landesbank, JP Morgan and Lehman Brothers, who jointly acquired 75 per cent of Ecclestone's SLEC family trust. However, BayernLB board member, Gerhard Gribkowsky, has told German media sources that the banks, under the aegis of Speed Investments, now have influence throughout the entire F1 empire genuinely reflective of their shareholding. Yet it is believed the agreement also ensures Ecclestone will remain ringmaster, controlling the sport's immediate future, as he and Max Mosley pursue the aim of a new Concorde Agreement when the current governing document runs out at the end of 2007. Ecclestone is presently seeking to tempt the nine "rebel" teams back into the fold to divert the threat of a separate championship from 2008.