F1 boss heads Saab buyout bid
Bernie Ecclestone emerges as potential saviour for Swedish brandThe seemingly endless saga of Saab has taken another dramatic twist with news agency Bloomberg reporting that Formula One commercial supremo Bernie Ecclestone is part of a new group making a play for the company. The 79-year-old is reportedly part of the bid being put together by the Genii Capital group.
Genii Capital, a private equity firm based in Luxembourg, has just completed a deal to buy into the Renault F1 team, so it's no stranger to either car manufacturers or Ecclestone. Speaking to Bloomberg, Ecclestone admitted he was interested in buying Saab from General Motors.
"It's a good brand," Ecclestone is quoted as saying. "It's a good brand that has probably been neglected by the current owners. We don't own it yet, so let's see what happens."
Genii said in a statement that it is aggressively working towards a deal in the limited timeframe laid down by General Motors.
GM hasn't made any comment on this latest development and is still threatening to shut the brand down unless someone makes a reasonable offer. Dutch sportscar builder Spyker is also reportedly in the running for the brand and is currently putting together a new offer.
If Ecclestone and Genii are successful in bidding for Saab it would bring the Englishman's career almost full circle, having started his working life as a used car salesman before turning his attention to motor racing.
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