Bernie Ecclestone, Formula One Administration’s chief executive and the sport’s architect, is in the middle of renegotiating the commercial relationships with the Formula One teams. Meanwhile, motor sport’s governing body is seeking the teams’ approval for the introduction of changes that will improve the spectacle and cut costs. From 2006, out would go power steering, traction control and semi-automatic gearboxes, putting more emphasis on drivers’ skills. Threats of a rival championship have faded. Formula One Administration holds the commercial rights to Formula One and is owned by SLEC Holdings. It reported sales of £428m in 2002. SLEC is owned 75% by JP Morgan, Lehman Bros and Bayerische Landesbank, and 25% by Ecclestone Family Trusts.
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