buyers

Rumors of Penske’s interest in purchasing the Long Beach race have been swirling for months, with the long list of other interested buyers said to include the France family, founders of NASCAR; Mark Walter, chairman of the Dodgers’ ownership group; and Liberty Media, which has a stake in Formula 1 racing.

At first, buyers hoped the platform would be resurrected and reappear in some form.

A decision by judges at the Court of Appeal has blown open an ongoing saga into hidden commission payments, with buyers possibly in line for payouts totalling billions of pounds.

Following the judges decision in his - and two other car buyers' - favour, banks have set aside millions of pounds for potential compensation.

However, lawyers say this could further delay compensation which should be paid to car buyers who may not have given their informed consent for the commission payments.