EMTV Wins Injunction in Battle over Formula One Stake

12 December 2002

German media group EMTV has won a preliminary injunction in its court battle to prevent a group of banks foreclosing on its stake in Formula One motor racing.

The firm holds a 16.7% share in SLEC, the company that holds commercial rights to F1. However, exactly who should own what has been thrown into confusion by the collapse of German media empire Kirch Gruppe, which took over EMTV last year.

The stake is being claimed by Bayern LB, J P Morgan and Lehman Brothers, which argue it was used to secure a $1.6 billion (€1.6bn; £1bn) loan to Kirch.

However, EMTV contests this claim and, having won the injunction, is preparing a full court case to retain ownership.

Data sourced from: ITV News (UK); additional content by WARC staff