APRIL 20, 2002
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 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.