Tom Group Calls F1 Talk Premature
Tycoon Li Ka-shing's Tom Group Ltd said on Monday it was premature to say it is in talks on a specific deal to buy the Formula One auto racing group, but did not rule out any interest in the popular sport

The Hong Kong-based media company, partly owned by Li's flagship conglomerate Hutchison Whampoa Ltd. , was responding to a report in Britain's Sunday Telegraph newspaper that said Hutchison was preparing a $1 billion bid for Formula One through the Tom Group.
"It is premature to suggest that TOM is discussing any specific deal at this moment," Tom Group said in a statement.
"As an expanding media group, TOM has always been exploring different opportunities in (the) sports marketing business. We do from time to time engage in preliminary talks with concerned parties on possible cooperation or investment."
Formula One chief Bernie Ecclestone told reporters on Sunday that he had met someone about the matter, but said such approaches were unremarkable and that he would be happier to keep Formula One's current ownership structure.
Ecclestone's family trust owns 25 percent of Formula One, which is expanding beyond its European base, with Shanghai among the newest tracks on the circuit.
The remainder of Formula One is owned by banks JP Morgan , BayernLB and Lehman Brothers .
The report in the Sunday Telegraph quoted a banker close to the negotiations as saying that "Hutchison wants to add F1 to its media empire."
"It sees great potential for F1 in Asia and is now spending a lot of time and effort cosying up to Bernie," the report quoted the banker as saying.
Hutchison spokeswoman Laura Cheung said, "as far as Hutchison is concerned, we are not in talks."
Li's holdings include brands that could potentially benefit from cross-selling opportunities with Formula One, including third-generation mobile phone networks in the UK, Italy and elsewhere.
Hutchison is also the world's biggest health and beauty retailer by number of stores, with numerous holdings in Europe.

Ecclestone Prefers Buyout by the Teams
Analysis: BAR Resume Fight for Button

Latest news
The “solemn promise” that cost quiet hero Brooks an F1 title
After two terrifying crashes, one of the best British racers of the 1950s retired before his career peaked. But that’s why GP Racing’s MAURICE HAMILTON was able to speak to Tony Brooks in 2014. Like his friend Stirling Moss, Brooks was regarded as one of the best drivers never to have won the world championship. Here, as our tribute to Brooks who died last month, is that interview in full
Inside the Faenza facility where AlphaTauri’s F1 pragmatic vision is realised
AlphaTauri’s mission in F1 is to sell clothes and train young drivers rather than win the championship – but you still need a cutting-edge factory to do that. Team boss Franz Tost takes GP Racing’s OLEG KARPOV on a guided tour of a facility that’s continuing to grow
Connecting two of Ferrari's favourite F1 sons
Gilles Villeneuve's exploits behind the wheel of a Ferrari made him a legend to the tifosi, even 40 years after his death. The team's current Formula 1 star Charles Leclerc enjoys a similar status, and recently got behind the wheel of a very special car from the French-Canadian’s career
How a 30cm metal wire triggered open warfare in the F1 paddock
Porpoising has become the key talking point during the 2022 Formula 1 season, as teams battle to come to terms with it. An FIA technical directive ahead of the Canadian Grand Prix and a second stay appearing on the Mercedes cars only served to create a bigger debate and raise tensions further
Does Verstappen have any weaknesses left?
Having extended his Formula 1 points lead with victory in Canada, Max Verstappen has raised his game further following his 2021 title triumph. Even on the days where Red Bull appears to be second best to Ferrari, Verstappen is getting the most out of the car in each race. So, does he have any weaknesses that his title rivals can exploit?
How F1's future fuels can shape the automotive sector
In 2026, Formula 1 plans to make the switch to a fully sustainable fuel, as the greater automotive world considers its own alternative propulsion methods. Biogasoline and e-fuels both have merit as 'drop-in' fuels but, equally, both have their shortcomings...
The breakthrough behind Sainz’s best weekend of F1 2022 so far
OPINION: Carlos Sainz came close to winning in Monaco but needed that race’s specific circumstances for his shot at a maiden Formula 1 victory to appear. Last weekend in Canada, he led the line for Ferrari in Charles Leclerc’s absence from the front. And there’s a key reason why Sainz has turned his 2022 form around
Canadian Grand Prix Driver Ratings 2022
Plenty of high scores but just a single perfect 10 from the first Montreal race in three years, as Max Verstappen fended off late pressure from Carlos Sainz. Here’s Autosport’s assessment on the Formula 1 drivers from the Canadian Grand Prix