FIA: F1 Not Affected by Kirch's Collapse

Suggestions that Formula One will be affected by the potential collapse of the Kirch group have been deemed "far-fetched" by the sport's governing body, the FIA.

The German Kirch group holds a controlling stake in F1 supremo Bernie Ecclestone's SLEC, the company which owns the right to market the commercial rights of Formula One, but is now in major debt and set to file for insolvency.

Francesco Longanesi, a spokesman for the FIA, admitted that it is "a possibility" that Kirch will have to sell their stake in SLEC, but he added: "I think that ultimately the situation will be resolved in the proper manner but this is really up to Mr Ecclestone."

The FIA has little control over the current situation but Longanesi hinted that they may be able to prevent an undesirable party taking control of the shares if Kirch were forced to sell.

"As a regulator we have nothing to do with this business," he said. "But the FIA has the right to oversee a change in ownership of the commercial rights, in case it goes into the hands of a company that doesn't have the capability to run it."