F1 boss Bernie Ecclestone has put in a bid to buy Swedish carmaker Saab from US giant General Motors.

According to reports in the media, Ecclestone has joined up with Genii Capital, a Luxemburg-based investment firm specialised in new technologies, brand management and motorsport. Genii Capital recently acquired a stake in the Renault F1 team.

"It's a good brand that has probably been neglected by the current owners," Ecclestone told Bloomberg.com. "We don't own it yet, so let's wait and see what happens."

GM has been trying to sell Saab for around twelve months and in addition to the Ecclestone-Genii Capital bid, offers have also been received by Dutch sports carmaker Spyker and a Swedish consortium.

"We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible," added Spyker chief executive Victor Muller last night after the company submitted a revised bid.

Saab, which employs 3400 people in Sweden, has not made a profit since 2001 - nine years ago. A sale to sports carmaker Koenigsegg, which was announced back in the summer, collapsed in November.

General Motors has said it will close Saab if a buyer is not found.


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