Formula One head enters race for Saab

Stephen Beard Jan 8, 2010
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Formula One head enters race for Saab

Stephen Beard Jan 8, 2010
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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.

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