EM.TV's acquisitions caused it financial difficulties; following its announcement that its 2000 earnings would be below expectations and it was struggling with its debts, the share price dropped 90%. In February, the Kirch Group agreed to rescue EM.TV in return for a stake in the company and control of Speed Investments. Alan Henry of "The Guardian" reported that the two companies also agreed to exercise EM.TV's option to purchase another 25% of SLEC for approximately £600 million in late-March 2001. To raise Speed Investments' share of SLEC to 75% Kirch borrowed €1.6 billion, €1 billion from Bayerische Landesbank (BayernLB) and the rest from Lehman Brothers and JPMorgan Chase. Kirch's involvement raised concerns among the major automobile manufacturers who participate in Formula One; BMW, DaimlerChrysler, Fiat, Ford, and Renault formed GPWC Holding BV to secure better representation of the manufacturers in F1, improved financial conditions for the teams, stability for the championship, and maintenance of free-to-air television coverage.