Saturday February 17th, 2001
Nickolaus Becker, chairman of EM.TV's supervisory board, has resigned from the company which owns a 50 per cent stake of the Formula One holding SLEC, owner of the commercial rights of the sport.
The announcement comes only two days after the debt-laden EM.TV reached an agreement with the Kirch Group, its privately-owned rival, to develop a rescue plan which will see Kirch pay $550 million for a 24.5% stake in SLEC, and take a 25% of the voting interest in EM.TV.
Becker had already admitted he was against the agreement and according to the Financial Times he thought that the Kirch deal did not offer a "satisfying solution" for EM.TV shareholders.
Separately, the Kirch Group confirmed that the financing of the rescue plan had yet to be finalised and that its agreement with EM.TV depends on the group securing a near $2 billion credit line before February 24.