FEBRUARY 20, 2002
Kirch will sell Formula 1 stake
THE commercial rights for Formula 1 are up for sale. The German media baron Leo Kirch is reported to have accepted that he will break up his empire if he wants it to survive because of the massive debts that were incurred funding pay-per-view television and an ambitious strategy of acquisition which went wrong when the recession hit.
Kirch currently controls 58% of SLEC, the Formula One holding company, but in reality controls 75% as he is committed to buying an extra 16% which is owned by EM.TV. The big question therefore is not if Kirch is selling but who is going to buy.