F1 boss in pole position for huge divorce payout

LONDON, England (CNN) -- Billionaire Formula One boss Bernie Ecclestone is to separate from his wife, paving the way for what could be one of Britain's most expensive divorce settlements.

Ecclestone, whose personal fortune is reputedly worth more than £2.4 billion ($3.5 billion), is expected to be the latest in a line of high profile figures battling to hold on to their wealth as economic downturn looms.

Meanwhile, a London court Friday granted a quick divorce between Madonna and her film director husband Guy Ritchie -- after the couple reportedly struck a deal that will see the pop singer keep most of her estimated £300 million.

Madonna's smooth separation stands in marked contrast to former Genesis frontman Phil Collins, who in August agreed to pay a record £25 million to his third wife in Britain's biggest ever celebrity divorce settlement. In March, former Beatles Paul McCartney agreed a £24.3 million payout to second wife Heather Mills.

Signaling a tough battle ahead, Ecclestone's wife Slavica has retained divorce lawyer Liz Vernon, who made headlines successfully representing the wife of Arsenal footballer Ray Parlour in 2004, the UK's Press Association reported.

Ecclestone, 78, and his 50-year-old wife have been married for 24 years, according to UK media reports. They have two children.

He is credited with transforming Formula One into one of the world's most successful and lucrative sports brands as chief executive of F1's owner, Alpha Prema. Last year he expanded his sporting assets by taking over football team Queen's Park Rangers.

Simon Bethel, a family law specialist with law firm Mills & Reeve, told PA that Ecclestone's wife is already believed to control a substantial portion of the family's money but could be entitled to half her husband's worth under British law.

"Part of the family wealth is already reputed to be controlled by Mrs Ecclestone through a Jersey-based trust fund, and thus the area of dispute may revolve around quantifying the value of Mr Ecclestone's motor racing empire -- that rather modest concern known as Formula One."

"If Mrs Ecclestone is keen to push for a substantial award, and on the face of it there is no reason why she should not, she could maybe end up with a third or a half of his fortune."

It is not known if the couple signed a pre-nuptial agreement.