Ecclestone reaches agreement with banks

LONDON - Formula One supremo Bernie Ecclestone and three banks have agreed an out-of-court settlement in the latest round of the battle for control of Formula One.
The banks, Lehman Brothers, Bayerische Landesbank and JP Morgan, won the last legal battle to seize control of Ecclestone's Formula One Holdings company.
The three were due to go head to head with Ecclestone and his Formula One Administration company in the High Court to establish control over another facet of the Englishman's empire.
But an agreement was reached Wednesday to avoid a court date in May, with no indication as yet as to the details.

03/23/2005 18:34 GMT