OCTOBER 24, 2001
European Union and F1 - the final clearance
The European Commission is expected to announce tomorrow that its investigation into Formula 1 is finally over and that the sport is now cleared of any competition problems which have dogged the business for the last five years.
The Ecclestone Family owns 25% of the business and may wish to sell the remaining shares but as the Kirch Group is soon to be merged with its floated subsidiary ProSiebenSAT1 there is unlikely to be a flotation. At the moment Kirch and Ecclestone are trying to refinance the repayments of the Eurobond to improve cash-flow.
Bernie Ecclestone is believed to have a deal to stay in charge of the F1 Group of companies until the end of 2005. Ecclestone is 71 this weekend.