COMMISSION INVESTIGATES IF ECCLESTONE HAS THE RIGHT FORMULA

          Formula One Holdings Chair Bernie Ecclestone plans to
     "push ahead" with a $2B eurobond issue this week, "in spite
     of a warning from the European Commission (EC) that its
     investigation" into F1's commercial arrangements was not
     complete, according to Harverson & Killick of the FINANCIAL
     TIMES.  The EC "vigorously objected" to a statement released
     in September by F1 claiming that there were only a "few
     minor issues" that needed to be resolved concerning the
     investigation.  The "complex nature" of many of Ecclestone's
     commercial deals with broadcasters, racing teams and F1's
     governing body, the Int'l Federation of Automobiles.
     Harverson & Killick wrote that the eurobond issue, which was
     "intended as a precursor to the eventual [$3B F1]
     floatation," may be overshadowed by "uncertainty surrounding
     the outcome" of the EC's investigation (FINANCIAL TIMES,
     11/16).  Ecclestone's commercial dealings were examined in a
     sidebar by Harverson & Griffiths (FINANCIAL TIMES, 11/16).