Formula One news

F1 'not for sale' - Bernie

Formula One is 'not for sale.' That's how supremo Bernie Ecclestone responded to reports of a billion dollar buyout. In a signed statement issued by Formula One Management, the 74-year-old admitted that at least one 'approach' has been made to three banks that own 75 per cent of the SLEC company. Bernie owns the rest.

Amid speculation that Ecclestone was pressured by the controlling banks to issue the statement, it read: "The shareholders are long term investors and have the interest and stability of (F1) foremost in their mind."

Although Bernie referred only to one 'approach,' up to six have been reported in the media, including names like BSkyB, Tom Group, a Russian billionaire and Robin Saunders' alleged $1.5bn offer.

Ecclestone's denial coincides with a crucial meeting in Milan on Wednesday involving the teams, carmakers and Max Mosley.

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