Formula 1: F1 racing up for sale

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

Formula 1 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 Rupert Murdoch's News Corporation a substantial stake in Germany's biggest TV business it has been reported.

Advisers to Mr Kirch plan to start soliciting offers for the 58% stake in SLEC, the company that controls the broadcasting and marketing rights to Formula 1.

Bernie Ecclestone, a former owner of Formula 1, is believed to be considering a bid to buy the business back for €915m.

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 1 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.