Lebanon GP moves closer with Bernie’s backing

Speaking in the Sunday Times, Ecclestone said: "There are quite a few countries we want to in. There is a good chance of a Grand Prix in the Middle East. It is nice - a new place for sponsors to come from, and nice for people to go to. New markets are opening up. During this year we will sort something out."

Ecclestone said he had been in talks with Lebanese prime minister Rafik Hariri about running a race in the former troublespot, but Egypt and the United Arab Emirates, which already hosts major international horse races, golf tournaments and power boat races, are both potential alternatives.

With teams loathe to increase the calendar beyond its present 17 races, it remains unclear which event a Miidle East race would replace. With Ecclestone claiming that his ongoing dispute with the European Union over competion issues is near to resolution, a culling of existing European rounds may not now be an obvious step to making slots available on the calendar.

"I have heard that within the next few months they [the EU] will be satisfied," said Ecclestone. "We have changed all the things they thought were wrong and hope for a decision soon."

In the Sunday Times interview, Ecclestone also said he was unconcerned that EMTV, the German media group that bought a 50% stake in his family-owned F1 holding company SLEC is set to sell half of them on to another German media company, Kirch Gruppe, at a knockdown price after seeing the market value of EMTV tumble in recent weeks.

"It doesn't affect me at all," he said. "The fact they are being sold cheaper is because EMTV is distressed."

EMTV is also contractually obliged to spend a further US$1 billion by way of a 'put option' for another 25% of Ecclestone's holding company.

"If Kirch buys EMTV, then it takes the 'put' with it. If EMTV is in good shape and has no problem, it will buy it. It's an obligation. I don't care who owns the shares. It would make no difference to what I do."