Tuesday February 20th, 2001

In a German media report, Formula One chief Bernie Ecclestone has spoken in favour of a deal between media companies Kirch and EM.TV that could see him lose the majority shareholding of his SLEC company.

Rumours had surfaced that the Briton was trying to block the deal, but he has now denied the speculation in an interview with Weld am Sonntag.

"I have nothing at all against the group, and nothing against Leo Kirch," said Ecclestone. "I am relaxed about the new situation and for me there is no problem."

The deal would see the Kirch group combine with struggling media company EM.TV, who own a 50 per cent share in Ecclestone's SLEC company, and in doing so they would be able to exercise an option to buy a further 25 per cent of the shares.

That would leave Kirch and EM.TV with a controlling interest in the business, which would give them the right to oust Ecclestone from his current post if they wanted to.

However, Ecclestone is not concerned, and commented: "It depends now on if Kirch and EM.TV want to lead Formula One together in the future.

"They could call up the supervisory board and fire me with the majority, which they have. If they waited 20 years to fire me I would be less upset."

Confirmation of the deal is expected in the first two weeks of March.

Picked from the Bunch:	<<  Previous  |  Feb Index  |  The Grapevine |  Next  >>
(03-11-2005): Australian GP Paddock Gossip (03-09-2005): Greece Finds Site for Formula One Track (03-09-2005): Red Bull Set to Get Honda Engines in 2006 (03-08-2005): Schumacher in Line for Sporting Oscars (03-07-2005): Daily Grapevine Sunday Analysis - Australia

© 1995-2005 Kaizar.Com, Inc. Copyright & Terms