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Last Updated: Friday, 19 December, 2003, 16:00 GMT
Ecclestone wins F1 backing
Bernie Ecclestone
Ecclestone: Still in charge of F1
Bernie Ecclestone will stay on as Formula One chief in a deal unveiled on Friday which lays out the future of the sport and promises more money to teams.

The agreement lifted the threat of a rival world championship starting up.

It also ended years of wrangling between banks and carmakers and promised the 10 teams greater revenue.

Ecclestone and his company, Formula One Administration, have increased the profile of the sport, which now commands an annual 280m income.

A joint statement said that five main points were agreed.

The carmakers - DaimlerChrysler, BMW, Ford, Fiat-owned Ferrari and Renault - will be represented by three directors on the board of the SLEC holding company that controls the commercial rights.

Three banks Bayerische Landesbank, JP Morgan and Lehman Brothers will continue to own a majority of SLEC shares.




SEE ALSO
Ferrari chief backs Ecclestone
10 Dec 03  |  Formula One
F1 breakaway fears fade
04 Dec 03  |  Formula One
Ultimatum given to F1 bosses
18 Jul 03  |  Formula One
F1 stand-off 'close to end'
29 Jun 03  |  Formula One
Ecclestone refuses to budge
29 Apr 03  |  Formula One
Mercedes dismisses control fears
20 Apr 03  |  Formula One


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