Formula One group backer hits trouble

JUNE 24, 2003

Formula One group backer hits trouble

The West Landesbank, which was responsible for the Formula One bond issue a couple of years ago, is in some difficulties having just announced a loss of $2bn for 2002. The bank's chief executive Jurgen Sengera has resigned because of criticism over losses made at the West LB specialized financing unit in London, the division which did the deal with Bernie Ecclestone. Robin Saunders, who heads that unit, is expected to depart shortly. The bank is expected to stop the London operation doing any new business but will continue to manage the existing portfolio, including the F1 bonds.

Other stories for JUNE 24, 2003

MONTOYA BANNED FOR FOUR MONTHS

SALO AND CART

CART SHARE PRICE CONTINUES TO SHRINK

FORMULA ONE GROUP BACKER HITS TROUBLE

KEOHANE TO TRY FORMULA 3000?

MCLAREN DELAYS AGAIN