F1 chief fronts new bid to take control of Saab

08/01/10

Billionaire Bernie Ecclestone heads latest rescue plan for loss-making Swedish car-makerA consortium headed by Formula One racing chief Bernie Ecclestone (pictured) is the latest bidder to rescue ailing Swedish car brand Saab. The billionaire heads a bid by Luxembourg-based investment firm Genii Capital, which has just bought a majority share in the French F1 racing team.

Saab hasn’t made a profit of any sort since 2002, but It’s understood that its Genii may intend to return the company to the black as early as 2012 by increasing production to 105,000 cars a year. Saab hasn’t made that many cars for some years.

Dutch-based supercar maker Spyker earlier made an offer for the brand and has today made an improved bid, saying that Saab had great potential and that it wants to take over the company as quickly as it could.

Saab’s current owner, General Motors, decided to sell up after a decade of ownership over which the brand had steadily lost money.