UPDATE 1-Motor racing-Carmakers and banks agree on F1 future


(Adds quotes, detail) By Alan Baldwin LONDON, Dec 19 (Reuters) - Formula One carmakers and commercial rights holders have promised to pay teams far more money and to retain Bernie Ecclestone as ringmaster in a restructuring of the sport. A joint statement by Ecclestone's Formula One Administration (FOA), commercial rights holders SLEC and European carmakers on Friday said they had signed a memorandum of understanding on Formula One's future structure. The agreement lifted the threat ...

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