SEPTEMBER 11, 2002
Banks apply for EC clearance of F1 purchase
The European Commission has announced that the Bayerische Landesbank, JP Morgan and Lehman Brothers have applied for clearance to jointly purchase SLEC Holdings, the parent company of the Formula One group of companies, which controls the commercial rights to Formula 1 racing. The three banks are some of the major creditors of the Kirch group and loaned Kirch money for the original SLEC purchase. It is not yet clear what the three banks are buying but the move could break the deadlock that currently exists in Formula 1 circles.
If all goes to plan the sale will be cleared by the European Commission Competition Directorate by October 3.