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Last Updated: Monday, 31 October 2005, 14:39 GMT
Ecclestone given banks' support
Bernie Ecclestone
Ecclestone is the CEO of F1's commercial rights holder Slec
Formula One's financial backers have rallied behind Bernie Ecclestone to end the threat of a breakaway series.

Gerhard Gribkowsy, chairman of Slec - the group of three German banks who own F1's commerical rights with Ecclestone - says he will unite the sport.

"We see it as a crucial issue for all constituents of Formula One to end the discussions on two series," Gribkowsy told

"We support Mr Ecclestone. He has built this business and made it successful."

Five manufacturers - Mercedes, BMW, Renault, Honda and Toyota - have threatened to form a breakaway series once the ruling Concorde Agreement ends in 2006.

The manufacturers want the sport's profits to be more fairly distributed between the teams and Ecclestone.

Gribkowsky has now thrown his weight behind the 75-year-old supremo and called for the bickering to stop for the sake of the sport.

"We want everyone to focus their energies on ensuring a stable platform for the future of Formula One," he added.

"We believe that the outstanding issues can be solved in dialogue between the parties.

"Mr Ecclestone and the shareholders are committed to continuing this dialogue and to finding solutions."

Hopes are already high that a resolution will soon be agreed.

Max Mosley, president of the sport's ruling body the FIA, said talks held during this month's China Grand Prix had been a success.

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