Bernie: No Octagon bid

Formula 1 ringmaster Bernie Ecclestone has ruled out any purchase of assets from troubled British Grand Prix organiser Octagon Motorsports, according to this week's AUTOSPORT magazine

Jan 17, 2003, 3:05 PM

Last week Ecclestone met senior figures of global marketing giant Interpublic, the parent company of Octagon. And the talks sparked widespread speculation that Ecclestone might be persuaded to buy some or all of Octagon's assets.

These centre around a 15-year lease to run Silverstone circuit, where it can exercise its rights to stage the British Grand Prix, and the ownership of the Brands Hatch, Oulton Park, Snetterton and Cadwell Park circuits.

But Ecclestone told AUTOSPORT this week that he has no intention of making any purchase.

"I'm not going to buy anything," said Ecclestone. "I talked to them about whether there is a way the [sanctioning] fee might be reduced. They've got to cut costs. The biggest problem they have got is the rent to [Silverstone circuit owner] the BRDC."

Octagon made a loss of £37 million in the first nine months of 2002.