APRIL 8, 2002
Kirch files for bankruptcy protection
The parent company of SLEC, the firm which controls the commercial rights of Formula 1, has filed for insolvency.
The announcement is a major blow for Germany and politicians are now trying to find ways to avoid large-scale redundancies while also trying to ensure that the TV stations owned by Kirch do not fall into foreign hands.
The effects of the collapse on Formula 1 have yet to be seen but the Formula One group of companies will go on without too much trouble as The Ecclestone Family retains management control until at least the end of 2005.