 Jordan Confident Kirch will Keep F1 Stake Wednesday February 13th, 2002 Eddie Jordan believes that Kirch Gruppe, the German media group who owns a majority stake in Formula One holding company SLEC, will be able to hold on to its 75 percent stake despite its financial difficulties. The Financial Times reported on Tuesday that Kirch was hoping to announce the disposal of 1 billion euros worth of assets, and the Wall Street Journal suggested that the German giant could sell its stake to the Formula One manufacturers in order to guarantee its future. But Jordan, however, is confident that Kirch will be able to keep control of its majority stake in SLEC, of which Formula One supremo Bernie Ecclestone owns the remaining 25 percent. "I don't think that's about to happen," Jordan was quoted as saying by BBC. "The teams have dictated what they want to do and are in quite a strong position. But it is a bit early to talk about the demise of Kirch. "There's a huge resilience in Germany versus any sort of takeover. They will do everything not to take it out of their control. I have faith in them." The five leading manufactures in Formula One - DaimlerChrysler, BMW, Ford, Fiat and Renault - aiming to set up their own racing series said earlier this month that they have no interest in more talks with Kirch.
Published at 15:29:12 GMT
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