Formula One is not for sale.
That was the message from Bernie Ecclestone and the Formula One Management (FOM) group on Tuesday afternoon after rumours circulated of an impending sale.
Speculation had suggested that a consortium had tabled a $1.5 billion bid to purchase a 75% stake – currently owned by three banks – in the sport.
Under the plan the ten F1 teams would essentially own the plan but Ecclestone would remain in control.
FOM confirmed that a bid had been made but went on to say: “Although the approach has been made, the answer has been the company shares are not for sale.
“The shareholders are long term investors and have the interest and stability of Formula One foremost in their mind.”
The statement was a strange one from Ecclestone who is usually cagey about his business dealings.
Written: Tue, 30 Aug 2005 23:28:58
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