Carmakers Set to Meet Over F1 Stake

Mercedes chief Juergen Hubbert expects the carmakers involved in Formula One to meet in the next few weeks in order to discuss the possible purchase of a stake in SLEC.

But the German told Reuters no meeting had yet been scheduled between Formula One carmakers and the banks that control the sport's commercial rights, after planned talks to discuss the existing championship's future were called off last month.

Banks Bayerische Landesbank, JP Morgan and Lehman Brothers control 75 percent of Formula One holding company SLEC, originally sold by promoter Bernie Ecclestone to Germany's EM.TV and then German media group Kirch, which collapsed last year.

The banks are seeking to sell a stake to the carmakers, which already control or are heavily involved in the majority of the 10 teams in the series. The meeting had been due to be held at Mercedes headquarters in Stuttgart in December.

Hubbert said he now hoped that talks would take place in the next few weeks. He said the carmakers were considering concrete proposals, although he declined to give details. He said one possible solution would be for the carmakers to take a 40 percent stake in SLEC and for Ecclestone to take 10 percent.