A management buyout has seen KirchSport fall under the control of a group led by ex-Adidas boss, Robert Louis-Dreyfus.
Kirch announced last month that its sports division, which holds the TV rights to the 2006 football World Cup, would be sold separately from the rest of the company (see
Kirch Move Prompts World Cup Rights Auction). Dreyfus is believed to have paid £192 million for the unit which will be managed by former German international, Gunther Netzer.
Three groups are competing for the right to take over Kirch’s remaining assets and official bids are expected by the end of the month. KirchMedia chief executive, Heinz-Joachim Ziems said at a press conference on Wednesday that Germany’s Commerzbank had abandoned a joint bid with Sony’s Columbia Tristar and would be joining a consortium of shareholders that includes Lehman Brothers, Saudi prince Al-Waleed and the German retail chain Rewe.
