Debt-stricken German media empire Kirch may sell its stake in Formula One to ease its cash crisis, a source told Reuterstoday.
Kirch is considering whether it has to give up other assets to keep the core business together, the source said. Kirch's 58 per cent stake in F1 was one of the assets that could be sold but there were no firm plans yet, the source said.
Kirch is trying to restructure a debt pile of about €6 billion as it faces billions of cash payments to creditors and media partners this year.
A German newspaper reported today that Formula One supremo Bernie Ecclestone was ready to buy back the Formula One business from Kirch for €800 million, half the price Kirch paid for the stake last year. Ecclestone could not immediately be reached for comment.
Kirch also hold the broadcast rights to the next two soccer World Cups which they paid $1.65 billion to FIFA to obtain.