Thursday March 7th, 2002

Formula One supremo Bernie Ecclestone and the main car manufacturers involved in the sport are set to buy all or a majority of Kirch's 75 per cent stake in SLEC, the company that holds the commercial rights of Grand Prix racing, according to the Financial Times newspaper.

A senior member of the German group admitted earlier this week that debt-laden Kirch could be forced to sell its stake in order to reduce debts that total some 6.5 billion euros ($5.62 billion).

Ecclestone is believed to have joined forces with the members of the Association of European Carmakers (ACEA), which is headed by Fiat's Paolo Cantarella, and which involves Ford, DaimlerChrysler, Renault and BMW.

According to the report, the approach follows talks between Kirch and the Formula One carmakers during the Geneva motor show this week. Earlier this year, the carmakers admitted that they could buy the rights from Kirch if the price was low enough.

According to the Financial Times, the offer from Ecclestone and the carmakers is expected to be substantially below the price paid by Kirch to acquire the stake in SLEC.

Published at 15:53:54 GMT