Former adidas-Salomon Chair & CEO To Bid For KirchSport
Former adidas-Salomon Chair & CEO Robert Louis-Dreyfus is "preparing a bid as part of a management buyout" of KirchSport, the unit of Kirch Group that owns the worldwide broadcast rights to the '06 World Cup, according to sources of Karnitschnig & Goldsmith of the WALL STREET JOURNAL. Under the terms of its agreement with KirchSport, FIFA "has the right to block the transfer of the rights to any third party," but sources indicated that FIFA would accept Louis-Dreyfus. One source said, "FIFA always had a good relationship with both the man and the company." Other investors, including Kirch Group Founder Leo Kirch and former Kirch Group CEO Dieter Hahn, "have explored making a bid, but it was unclear if they would follow through" by today's deadline. KirchSport "is being auctioned off as part of the broader sale of KirchMedia, which includes broadcasting and film stock assets. KirchMedia's bankruptcy administrators originally planned to sell the firm as a whole but recently softened that insistence to draw more bidders" (WALL STREET JOURNAL, 9/13). Meanwhile, the HOLLYWOOD REPORTER's Bonnie Gordon reports that today's deadline to bid on KirchMedia's assets "seems likely to be pushed back yet again." The group of U.S. investor Haim Saban and French broadcaster TF1 "is planning to submit a somewhat modified bid today without additional partners." A KirchMedia spokesperson yesterday "confirmed reports that some Kirch Sports assets might be split off from the rest of the company." Reports stated that bidders "would be able to submit offers for KirchMedia either including or excluding sports rights." But the KirchMedia spokesperson said that "the fate of the sports rights would be determined only after the highest bid has been submitted." The spokesperson added, "Once we have new investment partners, they will be asked whether they are interested in the sports rights" (HOLLYWOOD REPORTER, 9/13).
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