The European Commission has launched formal proceedings against the organisers and promoters of international motor-racing…

Date: 01/07/1999

...claiming they are abusing a dominant market position. The accusations against Federation Internationale de L'Automobile and racing promoter Bernie Ecclestone follow a two-year Commission inquiry and could thwart Ecclestone's plans to float his Formula One business on the stock market. Acting Competition Commissioner Karel van Miert said the institution had “found evidence of serious infringements of EU competition rules which could result in substantial fines”. He stressed, however, that this week's move was only a first step and the Commission had not reached a final decision.