12/10/2005
NEWS STORY
Documents released by the European Commission reveal that approval has been given for Bayerische Landesbank to 'buy out' the two other creditor banks - JP Morgan and Lehman Brothers - which own 75 percent of Formula One.
Bayerische Landesbank had not previously revealed that it was trying to buy the 28 percent owned by the other two banks.
With the deal approved, Bayerische Landesbank will now own 75 percent of Speed Investments Limited, which, in turn, owns Formula One Asset Management Ltd, Formula One World Championship Ltd, Formula One Holdings Ltd, Formula One Administration Ltd, Petara Ltd. (Jersey), Formula One Management Ltd, Formula One Licensing BV, Formula One Productions Ltd, Formula One World Travel Ltd and Formula 1.com Ltd.