Formula One motor racing up for sale

Formula One is to be sold by its German owner, according to reports.

Formula One is to be sold by its German owner, according to reports.

The sell-off comes as Leo Kirch seeks to break up Kirch Gruppe, his media empire.

Mr Kirch will also offer Mr Rupert Murdoch's News Corporation a substantial stake in Germany's biggest TV business, says the Financial Times.

Advisers to Mr Kirch plan to start soliciting offers for the 58 per cent stake in SLEC, the company that controls the broadcasting and marketing rights to Formula One.

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Mr Bernie Ecclestone, a former owner of Formula One, is believed to be considering a bid to buy the business back for £560 million sterling.

Kirch Gruppe stretches from Germany's biggest commercial TV stations to the international broadcasting rights to the next two soccer World Cups.

Mr Kirch's move to sell Formula One and bring Mr Murdoch into KirchMedia, his commercial TV business, marks the beginning of the end of the media empire the 75 year-old entrepreneur founded nearly 50 years ago, says the Financial Times.

PA