F1 not for sale - Ecclestone

Bernie Ecclestone has dismissed speculation of a potential takeover of Formula One by a consortium led by News Corporation.

It has been suggested global media giant News Corp has held talks with the world's richest man, Mexican billionaire Carlos Slim, and a leading manufacturer, rumoured to be Ferrari, with regard to the possibility of making a bid for F1.

However, Ecclestone, the chief executive of owners and commercial rights holders, venture capital company CVC, claims the story is without foundation, telling the Times: "It is all rubbish. 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."

Ecclestone, though, did sell to a media company, the Kirch Group in Germany, only for the deal to fall through, which then allowed CVC to step in and acquire F1 for around £1.8billion in 2006.

Ecclestone claims any offer now would have to be "ridiculous", but the combined might of News Corp, Slim, who is reputed to be worth around £45billion, and Ferrari, could comfortably make a bid.

Any takeover, however, would be subject to a new Concorde Agreement being in place.

That is a commercial arrangement involving the teams, CVC and the FIA that binds all parties to the sport, with the current deal expiring at the end of next year.