Tuesday February 15th, 2000

Bernie Ecclestone has dropped plans to seek new investors for his Formula One Administration until the European Commission gives a final ruling on grand prix broadcasting rights, the Financial Times reported on Tuesday. Ecclestone's long-thwarted efforts to find backers hit another road block on Monday when Deutsche Bank subsidiary Morgan Grenfell turned down an option to acquire a 50 percent stake in Formula One.

The FIA, the world governing body of motor sports, granted broadcasting rights to the Formula One Administration until 2010, but the European Commission may rule within the next few months that the arrangement is invalid.

In a separate report, the Times newspaper reported that Ecclestone was in advanced talks with the governments of Saudi Arabia and South Africa to launch new grands prix in those countries.

FIA President Max Mosley told the FT on Tuesday that a European Commission ruling against Formula One could mean the European Union would lose six of its current nine grands prix to outside countries.