Ecclestone Against Hutchison Buyout

Formula One supremo Bernie Ecclestone claims he is not interested in agreeing a deal that would see ownership of the sport switch from the German banks to Hong Kong conglomerate Hutchison Whampoa

A report in The Sunday Telegraph claimed that Hutchison's media unit, Tom Group, is interested to buy out the three German banks that own 75 percent of F1 holding company SLEC. Moreover, the newspaper quoted a source in the company that said they would only go ahead with the buyout if Ecclestone gave his blessings.

Speaking at Hockenheim on Sunday, Ecclestone confirmed that there had been an approach from Hutchison, but said he would not support their initiative.

"With these people, one guy came to see me and I put him in touch with the people that own the shares - the banks - and I don't know what happened," Ecclestone said.

"The guy did come, did speak to me, and did go to see the banks. But we can talk to people all day long. If they had the money it would be alright."

When asked whether he would welcome the kind of investment that Hutchison could inject, Ecclestone said: "No. I'm happy with the banks. I've no problem with them.

"Why do I want to change the shareholders we've got for shareholders we don't know? I'm happy to keep working with them. Absolutely."

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