Ecclestone in bid to buy Saab

FORMULA 1 tycoon Bernie Ecclestone has been revealed as a major player in a bid to take over beleaguered Swedish car maker Saab.

The billionaire has teamed up with Luxembourg-based investment company Genii Capital to look at a potential offer.

Saab has been put up for sale by owner GM as part of a major re-organisation of its business.

The US company has warned that no acceptable deal is on the horizon.

However, Dutch firm Spyker Cars has also put in a renewed offer for the car maker.

Ecclestone, 79, who is reportedly worth around £2.3bn, said: "It's a good brand. It's a good brand that has probably been neglected by the current owners. We don't own it yet, so let's see what happens."

Genii added that it "will aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company".

Spyker chief executive Victor Muller said: "We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible."