Honda F1 website

AUGUST 8, 2003

Changes at West LB

West LB, the German state bank which funded the Formula One Group's Eurobond issue, is selling off the unit responsible for that deal. This is headed by US businesswomen Robin Saunders, who is expected to make a bid to acquire the business she currently runs.

Saunders has faced serious criticism in Germany after an investigation into the losses of the business but remains in charge. West LB continues will continue to pay out on the Formula One bonds until they expire in 2010 or until the loan is paid off. There are suggestions that as part of the settlement being discussed between banks and F1 teams, there will be a second bond issue to improve the financial situation of all concerned.