Kirch Says F1 Sale Would be Bitter Option

Leo Kirch, owner of debt-stricken KirchGruppe, has said it would be a bitter option to give up his stake in Formula One motor racing to help the German media firm to come to terms with its debts.

"The purchase of Formula One... was a peak in my career so far. Having to give it up would be really bitter," Leo Kirch said in a rare interview with German weekly magazine Der Spiegel released ahead of publication on Monday.

KirchGruppe, which is struggling under 6.5 billion euros of liabilities amassed during an acquisition and pay-television spree, must find billions to pay back loans and meet put options held by shareholders. The most daunting put option is one of 1.3 billion euros that Rupert Murdoch's BSkyB has said it will exercise on its stake in KirchPayTV.

"I can't be angry with Rupert, even if he wants to eat me," Kirch told Der Spiegel. "That's the way he is... If it should become necessary I will offer him anything."

Speaking in the same interview, Kirch managing director Dieter Hahn also said selling Formula One would be the last alternative.

"It would really hurt us if we had to give up Formula One because it is part of the basic idea of our company. The sale is one alternative but the last one," Hahn said.

Kirch acquired a 58 percent stake in Formula One commercial rights holder SLEC for 1.6 billion euros last year. Earlier this week, Bernie Ecclestone, Formula One supremo, said he had not been offered the rights to Grand Prix motor racing nor had he bid for them.