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.