F1 Not For Sale Says Bernie

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F1 NOT FOR SALE SAYS BERNIE

ITV

Bernie Ecclestone has announced that Formula 1's commercial rights holder SLEC is not for sale after confirming an approach had been made.

Ecclestone, who owns 25% of SLEC, indicated that the three German banks BayernLB, JP Morgan and Lehman Brothers, which own the other 75%, are "longterm investors" and are unwilling to relinquish their investment.

The statement made through his Formula One Management company comes after a report in the Sunday Telegraph suggested that Clearbrook Capital Partners led by US financier Robin Saunders, was gearing up for $1.5b purchase of F1.

As part of the deal F1's teams would then be given a share in the purchasing company, which would pay off the debt using profits generated from the sport.

But Ecclestone claims that the banks have said no to the proposal.

"It has been reported that approaches have been made in relationship to the sale by the controlling shareholders of SLEC," he said in a signed.

"Although the approach has been made, the answer has been that the company shares are not for sale.

"The shareholders are long term investors and have the interest and stability of Formula One foremost in their mind."

The statement cames as FIA president Max Mosley meets with the team principals and potential breakaway manufacturers over the future of the sport after 2008.

The car makers have threatened to start their own championship if they are not given a fairer slice of F1's revenue.