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F1 boss pulls out of Saab bid

Formula One boss Bernie Ecclestone and his financial consortium has pulled out of the race to save Saab.

Genii Capital, the investment company that would have finance Ecclestone’s bid, said: “Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction.”

Spyker is now the only bidder left to try and rescue Saab from its liquidation process which is still ongoing. Spyker said it was still in negotiations to secure a deal and one would have to be met soon as Saab was being wound down.

Dick Cedric, owner of Turners Hill Garage at Crawley, West Sussex, took over as Saab dealer council chairman this month.

 

Cedric told AM: “The prolonged period of uncertainty has made life extremely difficult for all in the network.”

Despite the difficulties, all of Saab’s 80 dealers have remained loyal to the brand and none have decided to terminate the franchise.

Saab dealers met last week to discuss the future of the brand and to read more dealer views of how they’re planning for the future look out for the story in the February issue of AM.

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