The European Commission has "accused the organisers and
promoters" of int'l motorsports of "abusing their dominance
of the sport," according to Emma Tucker of the FINANCIAL
TIMES, who writes that the changes could "undermine plans"
by Formula One CEO Bernie Ecclestone "to float his Formula
One business on the stock market." The inquiry concludes
that Ecclestone "broke EU competition law when he obtained
exclusive television broadcasting rights to world motor
racing events." European Commission insiders said that the
contracts "would have to be renegotiated" if the initial
findings were confirmed. The commission's news is "likely to
unsettle" banks and institutional investors involved in F1's
$1.4B bond issue, "launched" in May (FINANCIAL TIMES, 6/30).
Harverson & Griffiths write that Ecclestone "has banked
most" of the $1.4B in a family trust and is "unlikely to
take the commission's objections lying down" (FINANCIAL
TIMES, 6/30). The "Lex" column reports that the
commission's findings are not "final," but the arguments
against F1 "look damning" (FINANCIAL TIMES, 6/30).
