F1’s Rough Ride

Just as Larry Hagman played the role of long-standing company president J. R. Ewing, whose authority is often challenged but never shaken, the grand prix circuit has his modern equivalent, Bernie Ecclestone.

It’s a tough time to be a rookie in this business, even for someone with Karthikeyan’s pedigree. This has been one of the most turbulent weeks in the history of the sport, with more drama for F1 teams than there ever was for Hagman and his fellow actors.

Australian Paul Stoddart, principal of the Minardi team, has threatened the FIA, the governing body of international motor sport, with legal action. Stoddart maintains that his team’s new car, the PS05, is not race-ready and he wants to be allowed to drive last year’s Minardi PS04B not just in the opening race in Melbourne, but in the next two as well.

And that’s only a by-play to the bigger picture, in which nine of the ten Formula One teams met in London last week to debate the issue of a breakaway series, planned for 2008. The main point of contention is not just money but its equitable distribution.

The nine teams have complained that Ecclestone, a billionaire who holds the commercial rights to Formula One, does not share enough of that income. In 2003, this was estimated at $800 million and teams are irked that they get about 23 per cent of this figure.

Last month, Ecclestone was shaping up against all 10 F1 teams, an alliance known as GPWC or Grand Prix World Championship. The teams’ stated aim was simple. They would either oust Ecclestone and run the existing F1 circuit, or they would set up a rival series after their agreement with him ran out after 2007.

But, like J.R. at his vintage best, Ecclestone produced a master stroke at a critical juncture. He persuaded Ferrari, one of the founding members of the GPWC, to break away from the other nine teams and sign a long-term deal to stay with his circuit. Ferrari, the team that has dominated the sport for the past five years, then signed with Ecclestone until 2012.

But Ecclestone’s success with Ferrari brought another twist. Toyota and Honda took umbrage at what had transpired and entered the fray. Although the Japanese manufacturers have not officially joined GPWC, their entry into F1 politics strengthened the call for long-term stability, financial reform and — crucially — more money for racing teams.

On Wednesday, before the nine GPWC teams met in London, they issued a blunt statement. ‘‘The teams,’’ a spokesman said, ‘‘will be presented with a structure that shows what the sport could be like if you don’t have commercial control by three banks and a family trust.’’

Those banks are Bayerische Landesbank, J.P. Morgan and Lehman Brothers. Between them, they control 75 per cent of the holding company that owns the F1 circuit’s commercial rights. The remaining 25 per cent belongs to the Bambino Holdings family trust, of which Ecclestone is the chief executive. In a challenge that would have done the Ewings proud, the three banks are taking legal action against Ecclestone’s companies, effectively challenging him for control of the money-spinning sport.

Lest those on the fringe of the sport think that Ecclestone is some sort of latter-day Svengali, it would be worth heeding the words of Eddie Jordan, the man who sold his racing team to Alex Shnaider, who in turn signed on Karthikeyan as one of his two new drivers this season.

‘‘Bernie Ecclestone is the only credible solution,’’ said Jordan on London radio on Wednesday. ‘‘The private teams would have great problems believing that the manufacturers will look after their needs and cares. Bernie looked after us almost like a godfather figure, in a tough way, but a fair way.’’

But Stoddart, the outspoken Minardi boss, believes that the GPWC’s crucial meeting in London has ‘‘raised the stakes’’ for the battle to control the F1 future.

‘‘We are at the early stages of what is going to be a long, drawn-out battle for the future of the sport,’’ Stoddart said. ‘‘I am hopeful of a peaceful solution. Money is not the prime mover for a lot of those who sat around the table. Corporate governance is of far greater importance.’’

It might not be the best time to be in Ecclestone’s shoes, but when Karthikeyan flies into Melbourne, I’d ask him if he knows what brand of footwear Ecclestone wears.

Like millions of viewers around the world, I want to know the answer to the crucial question: Who shod J. R.?

(David McMahon is a Melbourne-based journalist. His first novel, ‘Vegemite Vindaloo’, is due out soon)