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according to pitpass.com
Bernie down to a 25% deal. It'll be interesting to see if the banks want to revisit the heads of agreement with TOIT in order to lure the other 9 teams accross...
They have battled for 75% of F1, at a time when F1 might not exist in 2 years. They are far more intelligent than I, so they must have some sort of plan to woo the other 9 teams.
Comments
the banks won the first round in the courts for the control of slec last year to have the correct representative board members from their side on slec.
the latest negotiated arrangement is to win control (in board representation thus the control of management) of slec's subsidiary companies which directly administer f1 such as fom (formula one management) and foa (formula one administration). the unfair representations weighted on bambino's side is presumably due to a contractual arrangement between bambino (bernie) and the companies so bernie does have some strength if a court case were to be heard.
but as he presumably, again, think it's not worth the chance that he may lose, he decided to give in to an out-of-court settlement.
my take is that he has negotiated a deal that is not as good an arrangement as he had before but neither is the deal as bad as if he should have gone to the courts and had won.
this deal could be:
1.0 the banks through slec (controlled by them with 75%) now have majority representation in foa and fom instead of before when bernie (bambino) having only 2 board members nominated by bernie and only one nominated by slec.
2.0 the contractual obligations which foa and fom have entered into with bernie (himself or through his companies) to manage the day to day affairs of foa and fom are to be respected till the end of their terms. these contracts are like employment contracts of a c.e.o. or with a consultant firm.
3.0 so everthing new and not already contractual entered into can now be effectively engineered with the influence of slec while all existing contracts have to be respected and be allowed to run till the end of the terms...which could be well into 2012 when bernie is on his death-bed? and god knows what areas of management of these operations in the foa and the fom have not already been entered into firm contracts.