Atlas F1 News Service, a Reuters report

F1 Makers Against EM.TV Having Control

Tuesday February 27th, 2001

Formula One's five European carmakers said on Tuesday they opposed any moves that would lead to one television company controlling the commercial rights to races.

"ACEA members are against handing the control, either direct or indirect, of the television rights to Formula One races to one television company only," Fiat CEO Paolo Cantarella said in a statement.

Cantarella is also chairman of the European Automobile Manufacturers Association (ACEA).

The members include BMW, DaimlerChrysler, Ford, Renault and Fiat, which owns world champion Formula One team Ferrari.

German media company EM.TV, with its partner Kirch, plans to take control of the SLEC holding which owns the commercial rights to races by buying a further 25 percent in SLEC for almost $1.0 billion.

EM.TV and Kirch have until Wednesday to exercise an option to buy a 25 percent stake in SLEC from Formula One mogul Bernie Ecclestone.

The purchase, which EM.TV has vowed to make by Wednesday's deadline, would take its total stake to 75 percent. Ecclestone would retain the other 25 percent.

However EM.TV said on Monday that they were holding exploratory talks with the carmakers about them taking a stake in SLEC but no concrete proposals had been made yet.

"SLEC holdings does not own Formula One," Cantarella said, adding that the holding company was obliged to respect two accords signed with the teams and the sport's governing body, the International Automobile Federation (FIA).

FIA president Max Mosley has said that he would like to see the carmakers purchase a stake in SLEC.

Latest Headlines:
<<  Previous  |  Feb News  |  News Index |  Next  >>
*(03-16-2005): Badoer Continues Testing at Fiorano
*(03-16-2005): Fisichella Aims to Win Again in Malaysia
*(03-16-2005): Davidson Lined Up for Villeneuve's Drive
*(03-16-2005): Preview: Raikkonen Aims to Stop Renault
*(03-16-2005): Malaysia Preview Quotes: Jordan

© 2005 Reuters Limited. Click for restrictions | © 1995-2005 Kaizar.Com, Inc. Copyright & Terms

  < Previous | Next >

  Feb 2001 Index

  Current News Index

  Email to Friend


   2004 at a Glance
   2004 Standings
   2005 Calendar
   2005 Line-Up
   Drivers Bio
   Teams Info
   Testing Center


   News Service
   Photo Gallery
   My Atlas
   Bulletin Board
   Chat Service
   Shop @ Atlas
   Search & Archive