Teams to own F1 in $1.5bn bid

F1's 950hp engines may roar at Monza this weekend, but – arguably – the real action will rev up in faraway boardrooms. Britain's Daily Telegraph newspaper has revealed a $1.5bn bid for 75 per cent of the formula one business, that would ultimately see the teams owning the pinnacle of racing.

Robin Saunders is tipped to have involved Bernie Ecclestone in her plan to snap up three banks' majority share of F1. It would involve the teams, mostly backed by carmakers, repaying the debt.

Ecclestone, 74, is thought keen on the plan, that would keep him at the helm, with his 25 per cent share intact, and – as is his desire – with the teams, not banks, owning F1.

Saunders, a controversial former bank executive, met Bernie when she intervened in the 'euro bond' issue in 1999.

Meanwhile, a BSkyB spokesman insisted that the Rupert Murdoch-owned TV company has 'no current plans' to launch a rival bid for F1. On the other hand, a former CFO for NTL – John Gregg – was named as possibly involved in another.

And, in the Financial Times, someone 'close to Saunders' denied that her company was looking into the formula one buyout.

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