Banks moving in on SLEC shares

JP MORGAN CHASE, Lehman Brothers and the Bayerische Landesbank are reported to be close to a deal to take over the commercial rights to Formula 1 from Leo Kirch. The banks were the ones which financed Kirch's purchase of SLEC, the Formula One holding company, a year ago.

The banks are apparently interested in taking over the shares rather than trying to get the money back from Kirch. The deal could be completed within a few days and the banks would then try to work out a deal with the automobile manufacturers to avoid there being two competing World Championships.

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