Banks replace Kirch SLEC directors
The three creditor banks of the bankrupt Kirch Gruppe confirmed yesterday that their representatives would now replace those of the German media group on the board of SLEC Holdings, the F1 broadcasting and commercial rights holder. Having acquired a 75 percent stake in SLEC, they indicated that their immediate objectives are to extend the current Concorde Agreement "well beyond 2007" and to work towards a redistribution of the TV revenues
"Based on the exclusion of the Kirch group's representatives, and the places thus having become vacant, two representatives of the German Regional Bayerische Landsbank, and one each from the American banks JP Morgan and Lehman Brothers, were named to the board," stated Thomas Fischer, the chairman of Deutsche Bank, who was elected to chair SLEC's supervisory board on Monday. "Together with the representatives of the three banks and the representatives of Bernie Ecclestone's family trust in particular, we want to start the necessary steps to ensure the future of Formula 1."
The representatives of Bayerische Landesbank are Dietrich Wolf and Rudolf Hanisch. Klaus Diedrichs will represent JP Morgan and Tom Bernard has been delegated by Lehmann Brothers.
These three banks had granted different loans to media magnate Kirch, for a total of E1.6bn, and acquired the group's 75 percent stake in SLEC after it defaulted on repayment. The remaining 25 percent is held by an Ecclestone family trust.
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