Hong Kong interest doesn't tempt Ecclestone

FORMULA One commercial rights holder Bernie Ecclestone made it clear yesterday that a potential takeover of the sport by a Hong Kong-based conglomerate would not be welcome.

Hong Kong interest doesn't tempt Ecclestone

Mr Ecclestone confirmed he had met with representatives of the Tom Group, a media company run by Hong Kong business giants Hutchison Whampoa and owned by the city's richest tycoon in Li Ka-shing.

Hutchison, better known as the owner of the mobile phone network 3 that will launch in Ireland shortly, are looking to buy the 75% stake in SLEC - holding company for the commercial rights of Formula One - owned by banks JP Morgan, BayernLB and Lehman Brothers and at a cost of stg£575million (€835 million).

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