[Author Index] [Date Index] [Thread Index]
[Date Prev][Date Next][Thread Prev][Thread Next]

[ST] *** NON ST *** (F1)



For the F1 fans on the list -

McLaren's Dennis Says Formula One Teams Support Rival Series
2002-02-08 07:58 (New York)
McLaren's Dennis Says Formula One Teams Support Rival Series
London, Feb. 8 (Bloomberg) -- Formula One teams support plans
for a rival motor racing series by automakers such as Ford Motor
Co. and Fiat Spa, said Ron Dennis, owner of McLaren, the sport's
second-most successful team.
Kirch Holding GmbH, Germany's No. 2 media company, last year
paid about $1 billion for a majority stake of SLEC, the holding
company that has F-1 marketing and broadcast rights.
Five manufacturers including DaimlerChrysler AG, which owns
40 percent of McLaren, want more say in the running of the sport
and a slice of television revenue from the 17-race series. Each
Grand Prix is watched by as many as 350 million people.
``Kirch has put nothing back into motor racing,'' Dennis said
in an interview with Bloomberg Television. ``For that reason I
feel concerned and the teams are very receptive to proposals from
manufacturers who have a vested interest in F-1 and want to see it
thrive.''
With automakers threatening a breakaway in 2008 and Kirch
needing cash to reduce its $5 billion of debt, the German company
may decide to sell its SLEC stake while the asset is still worth
something, analysts said.
It's ``very realistic'' that the manufacturers will buy
Formula One from Kirch, said Alexander Kachler, an analyst at
Merck, Finck & Co. ``It will be difficult to sell at the price it
was initially bought for.''
Some of the 11 F-1 teams, such as Fiat's Ferrari, are owned
by carmakers and have agreements to stay in Formula One until
2007. Honda Motor Co., which supplies engines to the Jordan team,
on Wednesday said it was asked to join the breakaway group, which
includes Renault SA and Bayerische Motoren Werke AG. It said it
hasn't decided.
Destabilized
Dennis said Bernie Ecclestone, the promoter who set up
Formula One, destabilized the sport by selling 75 percent of SLEC
to Kirch. His family retains the other 25 percent.
``Sometimes it's difficult to buy into the belief that his
motives are consistent with the other teams,'' Dennis said. ``He's
got a difficult job trying to choose his end-game and making sure
it's not against the interest of the people who run the teams, who
are his friends.''
If there is new series, the only difference with the current
set-up would be the name, Dennis said. ``Grand Prix Racing'' is a
possible title for the alternative circuit.
``All the teams are together in trying to follow a path which
provides a stable environment in which we need to compete,''
Dennis said. The new series ``is a sort of self-protection
mechanism.''
- --Grant Clark at the London sports desk (44-20) 7330-7670, or at
gclark@xxxxxxxxxxxxx with reporting by Julia Werdigier in Berlin.
Editor: Ludden


     *   *   *   *   *   *   *   *   *   *   *   *   *   *   *   *   *   *   *
      The ST/RS Mailing list is sponsored by Jack Lilley Ltd.
          http://www.TriumphNet.com/st/lilley for more info
   http://www.TriumphNet.com/st for ST, RS and Mailing List info

=-=-=-= Next Message =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=

End of st-digest V2002 #80
**************************


 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

                      End of Triumph ST/RS Digest
            ST/RS Digest is sponsored by Jack Lilley Ltd.
          http://www.TriumphNet.com/st/lilley for more info
   http://www.TriumphNet.com/st for ST, RS and Mailing List info

          This digest Copyright 1999-2002 TriumphNet.com