EM.TV offloads shares to onload?
German media company EM.TV has sold half of its 50 per cent stake in the marketing rights of Formula 1 to television magnate Leo Kirch
EM.TV boss Thomas Haffa put together a deal to buy a half share in SLEC - the holding company set up by F1 supremo Bernie Ecclestone which owns all the marketing and television rights - in March this year.
The Kirch Gruppe, which broadcasts the German digital television coverage of all Grands Prix, reportedly paid US$550 million for its 25 per cent share of SLEC.
The share price of EM.TV has slumped in recent months and Haffa has been linked to various potential buyers of his company's SLEC stake, including a group of car manufacturers involved in Formula 1.
Rumours suggest that Haffa may not use the revenue generated by the sale to bring EM.TV's accounts out of the red - the company's debts are said to currently stand at £700 million. The German has an existing option to buy further SLEC shares and could use the Kirch capital to buy another 25 per cent stake in order to sell it on to the group of car manufacturers.
In a recent interview with Autosport's sister magazine F1 Racing, Ecclestone said the decision-making power will stay with him, regardless of the size of his share.
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