BERNIE BACKS TEAM BUY-IN OF F1
Last Updated: Monday, 25, July, 2005, 21:31
Bernie Ecclestone has poured cold water on a rumoured sale of Formula 1’s commercial rights to a Hong Kong conglomerate – and instead claims he wants to see the teams and manufacturers take control of the sport.
A report in the Sunday Telegraph suggested that Tom Group, the media unit of Hutchison Whampoa, was preparing a $1 billion bid to buy out the three German banks that currently own 75 percent of the shares in Formula 1 holding company SLEC.
The banks are understood to be keen to divest themselves of their shares, which they inherited in 2002 when the Kirch media empire collapsed.
Ecclestone confirmed that he had been approached by Hutchison, but was not convinced of the company’s bona fides.
“I spoke to Hutchison,” the Formula 1 supremo said at Hockenheim on Sunday.
“They sent a boy to do a man’s job. We are not interested in selling to them.
“We get offers like this every day, but it is not what we want for the future of Formula 1.”
Ecclestone added that his preferred scenario would be for the sport’s major stakeholders to take the reins – a development which he claims is on the agenda.
“What I would like is for the teams and manufacturers to sort themselves out and own the sport, so they can control everything from the commercial rights to the TV, nice and beautiful.
“Talks with the manufacturers are ongoing. There is no timeframe but we are confident we can sort it out.”