Bernie Ecclestone, the long-time Formula One impresario, has confirmed to Bloomberg that he plans to make a play to buy Saab from General Motors. The pitch is evidently part of the bid by Genii Capital that we told you about earlier today. Genii’s last-minute pitch may have been the reason why GM decided to postpone a scheduled board meeting today to determine the Swedish brand’s fate.
Ecclestone is clearly a capable business man in light of the billions that he’s squeezed out of F1 over the past couple of decades. Whether he’s able to translate that acumen into turning Saab into a profitable brand given its history of red ink remains to be seen. Of course, whether Ecclestone and Genii will get the chance in the first place is a more pressing question, as GM would appear to be every bit as likely to sell Saab to Spyker Cars, or perhaps just continue shutting down the brand altogether. Thanks for the tips, everyone.
[Source: Bloomberg | Image: Paul Gilham/Getty]
Update: Bernie Ecclestone tied to late-breaking Genii Capital bid for Saab originally appeared on Autoblog on Thu, 07 Jan 2010 18:30:00 EST. Please see our terms for use of feeds.
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