You will be redirected back to your article in seconds

Automakers to lap up stake in Formula One

Kirch, Ecclestone give up some control of racing circuit

BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off.

Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights and decision-making power. Formula One topper Bernie Ecclestone has also agreed to sell them half of his 25% stake in the company, according to the U.K.’s Sunday Times.

Under the new deal, Fiat, BMW, Daimler-Chrysler, Ford and Renault will hold a joint 37.5% of SLEC. Kirch and its kidvidder partner EM.TV still hold 50%.

On Friday, Ecclestone blasted the automakers, saying they could wreck top-level motor racing if they set up a rival circuit because the multinational sponsors and broadcasters would lose interest. Ecclestone, who recently extended his contract to run SLEC for an additional five years, said he would stay on as chief of the company.

The automakers had been opposed to a major TV group with pay TV interests having a majority share in SLEC. Both Kirch and Ecclestone have pledged to keep the racing event on free TV.

More TV

  • NBA, Fox Sports Strike Deal to

    NBA, Fox Sports Strike Deal to Show Jr. NBA World Championship

    BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off. Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights […]

  • AMERICAN IDOL - "113 (Top 14)"

    'American Idol' Recap: The Final Fourteen Sing for America's First Vote

    BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off. Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights […]

  • Westworld Season 2

    'Westworld' Recap: Enchantment Under the Sea

    BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off. Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights […]

  • 'Sharp Objects' Trailer: Amy Adams Returns

    Amy Adams Returns Home in First Trailer for HBO's 'Sharp Objects' (WATCH)

    BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off. Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights […]

  • Telemundo Adds 'Series Premium' Sunday Drama

    Telemundo Adds 'Series Premium' Sunday Drama Showcase

    BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off. Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights […]

  • 'Grey's Anatomy' Renewed for Season 15

    'Grey's Anatomy' Renewed for Season 15 at ABC

    BERLIN — A high-stakes bluff by Europe’s major automakers to force German media mogul Leo Kirch into giving them some control over Formula One racing has paid off. Their threat to set up a rival championship has persuaded Kirch to hand over 25% of SLEC, which owns commercial rights to the event, plus veto rights […]

More From Our Brands

Access exclusive content