EM.TV this evening officially confirmed that they have exercised the option to purchase an additional 25% of SLEC, Bernie Ecclestone's holding company. This means that EM.TV in combination with Kirch now officially controls 75% of SLEC. In effect this gives them control over the commercial interests of the FIA Formula1 World Championship.
The option was exercised at a cost of $987m. The funding was part of a deal in which Kirch took a 25% voting interest in EM.TV and a 49% interest in Speed, an EM.TV subsidiary. Speed in turn previously owned 50% of SLEC but that interest has now increased to 75%.
The Kirch deal was finally confirmed two weeks ago, but the full contract has yet to be settled over the coming two weeks.
It remains to be seen how Ecclestone and the car manufacturers respond, as the latter have threatened to start a breakaway championship.
from http://www.formula1.com/
Its Official: German media companies control the sport
Started by
kevinbush
, Feb 28 2001 20:37
7 replies to this topic
Advertisement
#2
Todd
-
- 18,936 posts
- Joined: September 99
Member
Posted 28 February 2001 - 20:43
From the same source:
"Jurgen Hubbert of Mercedes has gone as far as saying that Daimler's interest in the sport would lapse if the Kirch deal goes ahead."
As long as the new series excludes Max Mosley, I'll be okay with it. Then again, MM is an FIA cancer. He would afflict the new series too.
"Jurgen Hubbert of Mercedes has gone as far as saying that Daimler's interest in the sport would lapse if the Kirch deal goes ahead."
As long as the new series excludes Max Mosley, I'll be okay with it. Then again, MM is an FIA cancer. He would afflict the new series too.
#3
EVL29
-
- 769 posts
- Joined: December 98
Member
Posted 28 February 2001 - 21:09
I wonder if this deal was a Factor in the LONG WAIt for a new TV contract here in the U.S.
Perhaps by delaying signing a deal for a Small amount of Money(which is all F1 will get from the U.S.),he could pretend that the Contract might be Worth Much More,thus driving the Price of Kirch's 25% Option just a Little Higher?
Every Nickel Counts.
Perhaps by delaying signing a deal for a Small amount of Money(which is all F1 will get from the U.S.),he could pretend that the Contract might be Worth Much More,thus driving the Price of Kirch's 25% Option just a Little Higher?
Every Nickel Counts.
#4
Ross Stonefeld
-
- 70,106 posts
- Joined: August 99
Member
Posted 28 February 2001 - 21:27
Without Max Mosley we'd probably be at the same point NASCAR is
we should be more thankful for guys like Mosley and Ecclestone
there will be no new F1 series
we should be more thankful for guys like Mosley and Ecclestone
there will be no new F1 series
#5
Megatron
-
- 3,688 posts
- Joined: January 99
Member
Posted 28 February 2001 - 21:32
Are you employed by the FIA Ross?
#6
EVL29
-
- 769 posts
- Joined: December 98
Member
Posted 28 February 2001 - 21:34
...or just infatuated with BernieMax.
.....J/K Ross
.....J/K Ross
#7
Ross Stonefeld
-
- 70,106 posts
- Joined: August 99
Member
Posted 28 February 2001 - 21:50
I respect that the FIA takes a very serious interest in safety. The application may not be ideal in the eyes of the great armchair generals of the internet (and even the teams) but they make an effort.
I watch Formula 1 primarily for the enjoyment of the skill of a perfect lap. If there's no passing it doesnt ruin the event for me
I watch Formula 1 primarily for the enjoyment of the skill of a perfect lap. If there's no passing it doesnt ruin the event for me
#8
WKAYE
-
- 523 posts
- Joined: November 00
Member
Posted 28 February 2001 - 21:51
I wonder how long before the Pay Per View battle begins ?
