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Sunday, February 18
F1 sale could have negative impact
Reuters
BERLIN -- The prospect of the sale of another significant stake in Formula One could have a major impact on the sport, says world champion Michael Schumacher.
Schumacher, speaking on the German television programme Wetten Das, expressed his fears over a proposed deal to sell another 25 per cent stake in SLEC, Formula One boss Bernie Ecclestone's family trust which holds the commercial rights to the sport.
The Ferrari driver said the agreement, which will give German media giants EM.TV and Kirch a 75 per cent holding in SLEC, will be negative for Formula One.
Kirch has struck a deal to purchase half of debt-laden EM.TV's 50 per cent share in SLEC and also receive a 25.1 per cent voting interest in EM.TV.
As part of the deal, Kirch, Germany's largest television group, will pay EM.TV $550 million and back a loan to enable EM.TV to exercise an option to buy an extra 25 per cent stake in SLEC which would give them a 75 per cent holding in Formula One.
Schumacher stressed his fears that Kirch will switch Formula One to pay-per-view television and said such a move would damage the sport.
He added: "I think what Bernie has to deal with I wouldn't choose for myself. Personally, I'm quite satisfied with my responsibilities.
"The fact is though, that Formula One would only be available on pay TV - I don't believe that would be a good idea.
"Much of the audience who are excited and watch motorsport won't be able to follow that.
"I would very much oppose that suggestion. I want everybody to have the same chance to view their program of choice - in this case Formula One."
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