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Motor Racing: F1 owners don't want to sell - Ecclestone

Formula One chief Bernie Ecclestone said the sport was not for sale after Rupert Murdoch's News Corp. and Italy's Exor confirmed they were considering forming a consortium to mount a possible takeover.

In comments made in London late on Tuesday, Ecclestone said he believed Formula One's current owners, the private equity company CVC, had no interest in selling their control of the sport. 

Ecclestone, 80, who serves as CVC's chief executive, said he was surprised neither News Corp., nor Exor, which owns 30 per cent of Italian car maker Fiat, the parent company
of Ferrari, had inquired to see if a sale was possible.

"You would think if somebody wanted to buy it they would approach the people who own it to see if they want to sell it," Ecclestone said.

"Personally, I know CVC don't want to sell, so it's going to be a bit difficult. I can see CVC in for the long haul, absolutely, 100 per cent."

Ecclestone had dismissed previous reports of Murdoch's interest in Formula One as "rubbish" and said any offer would need to be "ridiculous."

However Ecclestone hinted that any offer above the £1.6 billion CVC paid for Formula One in 2006 would need to be considered.

"If somebody come along and offered them (CVC) a lot more money than it's worth, they would obviously say 'Sit down, let's have a chat'," Ecclestone said.

"But I get the distinct feeling that's not going to happen. I can't understand why a company as big as News Corp need to keep looking for partners.

"First it was (Mexican billionaire) Carlos Slim, and now we've a new one."

In a statement on Tuesday, News Corp. and Exor said they were "in the early stages of exploring the possibility of creating a consortium with a view to formulating a long-term plan for the development of Formula One."

"Over the coming weeks and months, Exor and News Corporation will approach potential minority partners and key stakeholders in the sport," they said.

"There can be no certainty that this will lead to an approach to Formula One's current owners," they cautioned.

News Corp.'s vast holdings include newspapers in Australia, Britain and the United States, the 20th Century Fox movie studio, the Fox television networks, the social network Myspace and book publisher HarperCollins.

14:35 | |

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