EM.TV sells F1 shares to Bayern LB

The complicated shareholding structures of Formula 1 have been streamlined with the news from Germany that EM.TV has agreed to sell its 16.7% share in SLEC to the Bayerische Landesbank for $9m. This is a tiny amount of money compared to what was paid for the shares but it is in reality merely compensation to stop legal action which was going on over the transfer of the EM.TV stake to Kirch when the first company ran into trouble. EM.TV had claimed that it never received all the money owed by Kirch when it in turn ran into difficulties. The deal, which still needs to be cleared by other shareholders, will open the way for the sale of Bayern LB's stake in the business. The big question is to whom these shares will eventually be sold...

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