GPWC and SLEC commit to F1 flotation

SLEC Holdings and Grand Prix World Championship have signed a memorandum of understanding committing the signatories to an initial public offering (IPO) of the F1 commercial rights holder in the short- to medium-term. While the three 'F1 banks' will retain their present 75 percent stake in SLEC and Bambino the remaining 25 percent, and Bernie Ecclestone will remain as the CEO, the GPWC group will appoint three new directors to the board [Dec 12]

GPWC and SLEC commit to F1 flotation

The agreement follows the latest negotiations between the founders of GPWC, F1 manufacturers BMW, DaimlerChrysler, Ferrari, Ford and Renault, and SLEC stockholders Bayerische Landesbank, JP Morgan, Lehman Brothers and Bambino Holdings (Ecclestone's family trust).

A joint statement on Friday said that, starting in 2004, the teams would get a significantly increased share of the F1 revenues than they have been receiving under the terms of the Concorde Agreement, which is to be replaced by new "definitive" agreements under preparation for signature in mid-2004.

"This memorandum of understanding incorporates GPWC's core objectives and is in the very best interests of the teams and the fans," said DaimlerChrysler's Jürgen Hubbert on behalf of GPWC.

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