Bernie Ecclestone's iron grip on Formula One was loosened significantly today by a High Court judge in London.
Mr Justice Park today ruled that Ecclestone had acted unfairly in preventing a group of three banks from appointing board members for Formula One Holdings (FOH), which governs the commercial side of the sport.
It seems likely Ecclestone will appeal against the verdict but if unsuccessful, he will have to allow the banks to appoint directors to the board, effectively removing him from outright control of Formula One.
The 73-year-old Englishman has held commercial control of the sport for three decades since establishing the Formula One Constructors' Association in 1974.
As Formula One's commercial rights holder he has been able to negotiate deals with circuits, sponsors, teams and the world governing body to help the sport become the multi-billion-pound industry it is today, as well as making him a very wealthy man.
But one of those deals today backfired. In 2001, German media giant Kirch spent around £1 billion to buy 75 per cent of Ecclestone's holding company, which officially owns all the Formula One contracts.
When Kirch went bust in 2002 the company's assets fell into the hands of three creditor banks, Bayerische Landesbank, JP Morgan and Lehman Brothers.
It is those three banks who brought the case against Ecclestone, arguing that as owners of 75 per cent of FOH, they deserved a say in how the company is run.
Ecclestone was not at the hearing today, preferring to be at a Heathrow hotel where the 10 Formula One teams are discussing vital cost-cutting measures.
Although the three banks have now been given an increased say in how Formula One is run, Ecclestone still has options to remain in overall control.
If he fails to get today's judgement overturned, Ecclestone is thought likely to attempt to make peace with the Grand Prix World Championship group, formed by Mercedes, BMW, Renault and Ferrari.
GPWC insist they will have a rival series up and running by 2008, featuring Ferrari, Williams, Renault and McLaren at least of the current teams.
The organisation was set up to push for more money for teams, who currently receive around 40 per cent of income from commercial deals from Ecclestone. They want nearer 80 per cent of that money.
If Ecclestone wants to retain control over Formula One, he may have to submit to more of their demands and allay himself with the GPWC, allowing the current Formula One to wither and die as a commercial entity.