Is F1 For Sale?

Hutchison, a company that also owns the UK’s 3 mobile phone network, is reported to be preparing to buy Formula One for about $1 billion (£575 million). Bernie Ecclestone, Formula One tycoon, confirmed on Sunday that he had been approached by the Hong Kong firm.

Hutchison could buy the banks’ 75 per cent stake in holding company Slec without his say-so, but it wants his support. Hutchison’s media unit, Tom Group, is reported to have met the three banks that own 75 per cent of Slec, the ultimate holding company for the sport.

Tom is said to want Mr Ecclestone’ approval, before making a bid, because of his influence over the sport. Mr Ecclestone also owns 25 per cent of Slec

But Mr Ecclestone told PA that he would not welcome a Hutchison deal and said: “Why do I want to change the shareholders we’ve got for shareholders we don’t know?”

A banking source quoted in the Sunday Telegraph said: “Hutchison… sees great potential for Formula One in Asia and it is now spending a lot of time cosying up to Bernie [Ecclestone]. The banks are quite happy to sell out.”