BMW: Carmakers Not in Talks with Banks on F1

The carmakers involved in Formula One racing are not in talks with banks on taking over a stake in the event's marketing organisation following the demise of German media group Kirch, a BMW board member said.

The manufacturers - Ford, FIAT, Renault, BMW and DaimlerChrysler - formed the GPWC (Grand Prix World Championship) last year and threatened to set up a rival to Formula One in 2008 to gain more control over the sport.

Kirch, which owned Formula One's holding company SLEC, filed for insolvency in April prompting speculation that the manufacturers would buy a stake in the sport's marketing arm.

"There are no talks with the banks," BMW board member Burkhard Goeschel, the company's representative on the GPWC, told reporters in Munich late on Tuesday.

"The carmakers have got endless amounts of time. We are not under pressure."

One of Kirch's creditor banks, the partly state-owned BayernLB, said on Sunday it and other creditor banks were poised to swap $1.6 billion in loans to Kirch for a 75 percent stake in SLEC.

Of the 11 current Formula One teams, FIAT own World Champions Ferrari, Renault have their own operation and Jaguar belong to Ford. Williams and McLaren are partners of BMW and Daimler-Chrysler owned Mercedes respectively.