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KirchSport AG: Management buy-out succeeds

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Robert Louis-Dreyfus/Jacobs AG backed offer for KirchSport AG
finalised
The board of directors and management of KirchSport AG
confirmed today that an agreement has been signed with its parent
company, KirchMedia GmbH & Co KGaA, to purchase the company. The
agreement requires final consent from the German Cartel Authorities,
which is anticipated shortly.
The management buyout includes KirchSport AG, with its portfolio
of top level sports rights, as well as the company holding the
broadcast rights to Germany's Bundesliga. This follows the April 2002
insolvency filing of KirchSport's parent company, KirchMedia GmbH &
Co KGaA.
Robert Louis-Dreyfus, based in Switzerland, is the former head of
adidas and has supported the management buyout. He has partnered with
Jacobs AG and the two will be joint majority shareholders of the
company. Robert Louis-Dreyfus and Dr. Christian Jacobs, Chairman of
Jacobs AG, will both join the company's board.
"This company has a strong future centred on proven partnerships
with top sports properties. I am pleased to have the support of the
existing management which will ensure continuity and allow the
company to maintain its focus. To that end, Günter Netzer will remain
a board member of the company, as well as Oscar Frei, who will also
continue to serve as the company's Chief Executive Officer," said
Robert Louis-Dreyfus.
In addition to Oscar Frei and Günter Netzer, the other members of
the management team for KirchSport AG include Michael Francombe,
Thomas Huegi, John Kristick, Dominik Schmid, Oliver Seibert and
Wolfgang Streit. Their roles with the new company will remain
unchanged.
"We are convinced that the partnership we are now entering with
Robert Louis-Dreyfus will be as successful as the past investments by
Jacobs AG, such as Adecco, and that we will also be able to draw on
our experience in the sports industry, to the benefit of KirchSport
AG," said Christian Jacobs.
This development means that the important FIFA World Cup(tm)
broadcast rights, controlled by KirchSport, will continue to be
managed by the same experienced team that successfully delivered the
television coverage of the 2002 FIFA World Cup Korea/Japan(tm).
In addition to purchasing 100% of the Swiss-based KirchSport AG
and its subsidiaries - including the rights holding companies that
control the 2006 FIFA World Cup( broadcast rights and Host Broadcast
Services (HBS) - the transaction includes the exclusive worldwide
broadcast rights to Germany's football league, the Bundesliga. This
is being achieved through the purchase of Buli Marketing GmbH - the
company holding the rights.
"We are pleased that the management, backed by Mr Louis-Dreyfus,
will be able to carry forward the successful business that KirchSport
has established. Achieving this continuity is an important
accomplishment for the administration," said Mr Hans-Joachim Ziems,
Managing Director of KirchMedia.
Oscar Frei, CEO of the company commented, "I am delighted with the
prospect of building on the company's success. The past six months
have been challenging for the company, but we have made it through a
difficult time exceptionally well, preserving relationships with key
federations and successfully delivering the 2002 FIFA World Cup(
broadcast project."
KirchSport AG is one of the world's leading international sports
marketing companies, with long-standing relationships with major
sports rights holders, including FIFA, the governing body of world
football; the International Ice Hockey Federation (IIHF); the German
Football Federation (DFB) and the European Handball Federation (EHF).
"We are entering a new and exciting phase for the company. We are
thankful for the support provided by our dedicated staff members and
business partners during the past months - all of them have
exemplified the word 'partner' and for this we are extremely
appreciative," added Oscar Frei.
The company will announce further details concerning the
integration of the new companies, as well as make an announcement on
the future name of the group in the near future.

Contact:

KirchSport AG
John Kristick
Grafenauweg 2
P.O. Box 4442
6304 Zug
Switzerland
Phone: +41/41/723'15'15
Fax +41/41/723'15'16
mailto:john.kristick@kirchsport.com
Internet: http://www.kirchsport.com
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