Formula One head enters race for Saab

A sign outside of a Saab dealership in Miami.

TEXT OF STORY

Stacey Vanek-Smith: A European company might be the owner of a shiny new company. The board at General Motors is meeting today to consider the future of Saab. Stephen Beard has more from London.


Stephen Beard: Bernie Ecclestone has entered the bidding for SAAB. Diminutive, elderly and utterly ruthless, Ecclestone is the billionaire boss of Formula One -- the world's leading motorsport organization. Last night, he said that in partnership with a private equity firm, he's joined the race to buy GM's Swedish subsidiairy.

A surpsing move. Ecclestone's not a manufacturer. But, says Hans Seeberg of F1 Racing Magazine, his bid should be taken seriously:

Hans Seeberg: He was the man that sort of turned Formula 1 into something that no-one ever thought would make money into this massive multibillion-pound industry. You know, he's an incredibly switched-on businessman. He wouldn't enter into anything, I don't think, unless there was money to be made.

He hasn't exactly endeared himself to GM. He says SAAB's a good brand that's probably been neglected by the current owners.

In London, this is Stephen Beard for Marketplace.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.

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