Ecclestone not cashing in on Formula One

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

Ecclestone confirmed he has 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 UK mobile phone network 3, 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 €828m .

However, while it is believed Hutchison do not require the permission of Ecclestone – who owns the remaining 25% – to push through a buy-out, given his authoritative position within the sport, they appreciate it would be in their interests to have him on side.

Ecclestone, though, is keen to maintain the status quo as he told the Press Association: “With these people, one guy came to see me and I put him in touch with the people that own the shares – the banks – and I don’t know what happened.

“So there is a grain of truth in this in that the guy did come, did speak to me and did go and see the banks.

“But all day long people knock on doors and ask if they can buy something. Not us, other companies. People hassle us. They want to buy, take options and then try and sell or whatever.”

But when asked whether he would welcome the kind of investment being proposed, Ecclestone delivered a firm “no.”

He added: “I’m happy with the banks. I’ve no problem with them. Why do I want to change the shareholders we’ve got for shareholders we don’t know.

“I’m happy to keep working with them. Absolutely.”

When put to Ecclestone whether such an enquiry could similarly develop into that which saw Malcolm Glazer’s unpopular and unwanted takeover of Manchester United, he replied: “I doubt it.

“I’m happy to keep things the way they are.”