(GMM) F1's sale to 'CVC' could be in trouble, according to reports.
It is alleged that the sale of Bernie Ecclestone and Bayerische Landesbank's shares, totalling 75 per cent, could be deemed illegal because the other shareholders - two American banks - 'were kept in the dark'.
JP Morgan and Lehman Brothers, with the final 25 per cent, should have been given 'first right of refusal' over Bayerische's stake, 'The Business Online' wrote.
It is reported that the two remaining banks may not want to also sell to British company CVC because - without Bayerische's 50 per cent share - of the likely low price.
'TBO' reported that JP Morgan and Lehman Brothers could still veto the sale to CVC and thus own formula one outright.
Written: Mon, 05 Dec 2005 09:14:05
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