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Ecclestone set to buy Saab?

Bernie Ecclestone and Genii Capital submit joint offer to purchase Saab.
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.



Related Pictures

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Bernie Ecclestone (GBR), Turkish F1, Istanbul Park, 9th-11th May, 2008

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Alan D - Unregistered

January 08, 2010 5:02 PM

I can't see Bernie succeeding in the car-selling business. Its not like F1. If it was like F1 then he'd expect councils to build him multimillion dollar Saab showrooms which then pay him to use the name Saab above the door on a 17 year escalator contract. If it was like F1 then Top Gear would have to pay him to mention the marque on TV and people taking the car for a test drive would have to pay Bernie for the privilege, and supply their own petrol. If it was like F1, when you bought a Saab you would find that the small print committed you to only buying Saabs in future, and if you didn't he'd threaten to sue the **** of you.

John. P. - Unregistered

January 08, 2010 7:41 PM

I hope Bernie succeeds in the bid for Saab. If anyone can make the company work at a profit it will be him and his backers Give him credit,he is a very shrewd businessman,and he knows whats what.



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