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Formula One
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CART
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IRL
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NHRA
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| Friday, February 2 |
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| Ecclestone looking to sell share Associated Press | |||
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FRANKFURT, Germany -- DaimlerChrysler is trying to buy into
Formula One a day after Bernie Ecclestone announced plans to sell
his stake in the world racing tour to a consortium of automakers. "There are talks," DaimlerChrysler spokeswoman Nicole Gall
said Friday, but did not elaborate. Ecclestone, the longtime head of Formula One, and the
financially troubled German media company EM.TV own half of the
Formula One holding company. The carmakers, which have teams on the circuit, have sought to
gain more influence over Formula One since last summer, when they
were surprised to find Ecclestone had sold shares to EM.TV. Renault, BMW, Jaguar and Fiat -- which owns Ferrari -- race in F1
with DaimlerChrysler's Mercedes-Benz. "We want things to happen as soon as possible," Ecclestone
told The Times of London. "These car companies have put an
enormous investment in Formula One, and they want to make sure
their money and the sport is safe." The Times said Ecclestone is ready to sell his 50 percent of the
business -- held in a family trust -- to the consortium. But EM.TV
still has an option to buy half of Ecclestone's stake. The troubled company has been in negotiations with another
German media company, Kirch Group AG, about exchanging nearly half
of EM.TV's Formula One share for $550 million in cash and other
assets. | |
ALSO SEE Ecclestone to sell F1 stake | |
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