Ecclestone reveals a group of teams seeking to buy stake in F1

Bernie Ecclestone

Bernie Ecclestone

Formula 1 supremo Bernie Ecclestone on Wednesday revealed that a group of Formula 1 teams are seriously considering buying into the sport.

It was reported in Bahrain that Ecclestone, who owns  five percent of Formula 1, was putting the group of teams together in a possible move to buy out the majority shareholder CVC.

Ecclestone is facing trial in Germany later this month on bribery charges, and if convicted, CVC has committed to standing him down.

It is reported that fronting the prospective team shareholders could be a way for him to remain in control no matter the outcome in Munich.

The 83-year-old told the Bloomberg news agency on Wednesday that a group of teams is indeed “having a conversation” about buying into Formula 1.

He would not identify the teams, and insisted that he is not part of the talks.

“We’ll see what the group comes up with,” said Ecclestone. “Maybe they will get enough together to buy shares.”

He added that the talks for now are “just a conversation” and “may not go anywhere”.

Also reported in Bahrain was that Ferrari and Red Bull are the major players in the consortium, having joined with Ecclestone in being highly critical of the new 2014 rules, apparently in a bid to devalue the sport ahead of a takeover bid.

When asked by the British broadcaster Sky in Bahrain if devaluing Formula 1 was his plan, Ecclestone answered “Not really”. (GMM)

Subbed by AJN.