Some of the world's top car makers are close to a deal to buy at least one-quarter of the Formula One racing industry controlled by Bernie Ecclestone, British Sunday newspapers said.
The Sunday Times
said the European Automobile Manufacturers' Association, which represents BMW, Ferrari, Jaguar, Mercedes and Renault, could up the stake to 35 percent if Ecclestone's trust bought back shares sold to EM.TV, the debt-laden German media group.
"The trust is talking to the manufacturers and we will hear within a few weeks whether it will own 25 percent or 35 percent," the paper quoted Ecclestone as saying.
"It depends on the outcome with EM.TV. Until that is settled, nobody knows."
On Friday, trustees of Slec, the Ecclestone family trust that owns 50 percent of the sport, met to consider the sale to a consortium led by Paolo Cantarella, chief of Fiat. Members of the car makers' consortium own part or all of their own Formula One teams.
The Observerquoted City and motor sport sources as saying the 25 percent stake would be worth more than one billion dollars. "The carmakers, who may be joined by Japanese firms Honda and Toyota, are keen to secure a return on their investment of 100 million dollars apiece in their grand prix teams," it said. Reuters