 Ecclestone to Relinquish Formula One Control Thursday February 1st, 2001
Ecclestone is reportedly ready to sell his share of the SLEC company, a family trust through which he holds the reins of power, according to The Times newspaper. Car manufacturers Renault, Ferrari, BMW, Jaguar and Mercedes are believed to be set to obtain Ecclestone's share of SLEC, after the British businessman sold some of the shares in SLEC to German media group EM.TV last year. Amid concerns to stabilise the management and structure of Grand Prix racing behind the scenes, Ecclestone has bought the commercial rights to Formula One for the next 100 years and could be ready to relinquish his shares in SLEC. The car groups have been linked with a share in SLEC since last year and are believed to have already had correspondence with Ecclestone, who is reported to be Britain's sixth richest person. All five car companies have formed an alliance and believe their investment in the sport will protect its structure. The alliance is said to be chaired by Paolo Canterella, chief executive of Fiat, which owns Ferrari. Last year, the car companies were reported to have approached EM.TV in a bid to buy their share of SLEC after the media group's own shares drastically dropped after they bought into SLEC. If Ecclestone does sell to the car companies it will follow his proposed relinquishment of his roles with Formula One's governing body, the FIA. In a bid to appease the European Commission, who were concerned that Ecclestone and FIA president Max Mosley had a monopoly in the sport, Ecclestone is believed to be ready to give up his role as vice-president of the FIA with responsibility for promotional affairs
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