SEPTEMBER 14, 2002
Now the game begins...
It has been announced that the Italian investment bank Mediobanca has sold a 6.5% stake in Ferrari to Lehman Brothers, one of the three banks which now own SLEC, the Formula One group holding company. The deal was worth $148.2m. It is anticipated that that JP Morgan and the Bayerische Landesbank, the two other banks in control of SLEC, will also buy into Ferrari, possibly along with Bernie Ecclestone's family trusts. This would mean that the owners of the Formula One group would also have a major voice in the running of Ferrari, an arrangement which would create a platform on which to structure a new long term deal for the sport involving the current management and the car manufacturers. It is accepted in F1 circles that Ferrari is the key to the World Championship as it is the best known team by a very long way.
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