Formula One not for sale: Ecclestone

Updated: 20 April 2011 22:53 IST

Bernie Ecclestone insisted on Wednesday that Formula One is not for sale, brushing off reports that Rupert Murdoch's News Corp. is interested in taking over the sport.

Formula One not for sale: Ecclestone
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London:

Bernie Ecclestone insisted on Wednesday that Formula One is not for sale, brushing off reports that Rupert Murdoch's News Corp. is interested in taking over the sport.

Sky News reported that News Corp., which owns a 39 percent stake in the broadcaster's parent group, has begun talks with Mexican telecom magnate Carlos Slim about forming a consortium to buy control of F1 from private equity firm CVC Capital.

But the 80-year-old Ecclestone, who runs F1 on behalf of CVC, reiterated his intention to stay in control for some time yet.

"It is all rubbish," Ecclestone told British newspaper The Times on Wednesday. "Formula One is not for sale. And anyway, we would not sell to a media company because it would restrict the ability to negotiate with other broadcasters."

The BBC has an agreement to broadcast the F1 world championship in Britain until 2013.

Satellite broadcaster BSkyB, which runs Sky News and is subject to a full takeover bid by News Corp., could choose to bid for the broadcast rights rather than full control of the sport.

Unlike events like the Wimbledon tennis tournament and football's World Cup, Formula One is not reserved for free-to-air broadcast in Britain by government legislation.

Funds should not be a problem if News Corp. does pursue the sport.

BSkyB paid 1.623 billion pounds ($2.661 billion) for Premier League broadcast rights from 2010-13, while Slim topped this year's Forbes' rich list with an estimated fortune of $74 billion ($121 billion).

Topics : Formula 1 Brawn McLaren Honda Bernie Ecclestone Bahrain Grand Prix Sepang International Circuit Michael Schumacher Giancarlo Fisichella Karun Chandhok Lewis Hamilton
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