F1's Ecclestone in bid to buy Saab

Formula 1 boss Bernie Ecclestone is teaming up with a Luxembourg-based firm in a bid to buy-out struggling car manufacturer Saab, it has emerged.

The billionaire is tying up with investment company Genii Capital, which recently put money into Renault's racing team.

Saab's US owner GM has been trying to sell the firm since January last year as part of a major restructuring strategy, and a deadline for bids passed recently.

Ecclestone, 79, told the Bloomberg news agency: "It's a good brand.

"It's a good brand that has probably been neglected by the current owners. We don't own it yet, so let's see what happens."

Genii Capital added that it would work "aggressively" towards settling the transaction "with all the relevant stakeholders of the company".

It is uncertain what the extent of Ecclestone's involvement in the bid is, but reports suggest he is worth around $3.7bn (£2.3bn).

Dutch custom car manufacturer Spyker has also put out an offer for 62-year-old Swedish Saab.

GM has boosted efforts to sell the company after falling into bankruptcy last year and is to concentrate on its own core brands like Chevrolet.

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