Few people, except conspiracy theorists, would have expected so public a spat as the one this week between the two ringmasters of Formula One (F1) motor racing. Bernie Ecelestone, a very wealthy British motor sport entrepreneur, is at odds. It would seem with his longstanding associate, Max Mosley, president of F1's governing body, the Federation International of Automobile (FIA). On the surface, the dispute has broken out over what looked like a done deal. Last June, the FIA voted unanimously to extend Mr. Ecelestone's exclusive fights to stage and broadcast F1 racing, which expire in 2010. For these favorable rights, Mr. Ecelestone was to pay the FIA a mere $360 million in total, and only $60 million immediately. The FIA claims that Mr. Ecelestone has not made the payment of $60 million, a claim denied by Mr. Ecelestone, who insists the money has been placed in an escrow account. Mr. Mosley has asked Mr. Ecelestone to pay up or risk losing the deal for the F1 rights after 2010, perhaps in a group of car makers that own F1 teams. For his part, Mr. Ecelestone has, rather theatrically, accused Mr. Mosley of 'trying to do some extortion'. What is going on? Only three things can be stated with confidence. First, the idea that Mr. Ecelestone cannot find the 560 million is ridiculous: his family trust is not exactly short of cash. having raised around $2 billion in the past two years. Second. it would not be in Mr. Ecelestone's long-term financial interest to discard a deal which could only enhance the value of his family's remaining 50% stake in SLEC, the holding company for the group of companies that runs the commercial side of F1. Third, the timing of the dispute is very interesting. Why? Because the other 50% stake in SLEC owned by EM. TV. a debt-ridden German media company, is up for sale. EM. TV badly needs to sell this stake in the near future to keep its bankers at dead end. The uncertainty created by the dispute between Mr. Ecelestone and Mr. Mosley might depress the value of EM. TV's holding. Could that work to Mr. Ecetestone's advantage? Quite possibly. The lower the value of EM. TV's stake, the higher the relative value of an option Mr. Ecelestone holds to sell a further 25% of SLEC m EM. TV for around $1 billion—and the better the deal Mr. Ecelestone might be able to extract for surrendering the option. Whoever buys EM. TV's stake in SLEC will have to negotiate with Mr. Ecelestone over this instrument. The Economist understands that Mr. Ecelestone has the fight to veto a plan proposed last December by Kireh, a privately owned German media group, to buy half of EM. TV's holding for $550 million. In the coming weeks, Mr. Ecelestone will doubtless be deploying his formidable negotiating skills to best advantage. It would be hasty to bet against his securing a good deal out of EM. TV's difficulties. His dispute with the F1A may then be easily resolved. As usual, he holds all the cards. FIA would give its partner the right to stage the racing till ______.