Bernie Ecclestone has insisted that Formula One is not for sale after reports emerged that Rupert Murdoch’s News Corp. had begun talks with Mexican telecommunications tycoon Carlos Slim about forming a consortium to acquire the series from CVC Capital.

Ecclestone, 80, runs F1 on behalf of CVC, but reports have suggested that media giant News Corp. and Slim, who currently sponsors the Sauber F1 team, could team up with a leading manufacturer in the sport to launch a takeover bid. However, Ecclestone has dismissed claims that a transaction involving News Corp. could take place.

"It is all rubbish," Ecclestone told The Times. "Formula One is not for sale, and anyway we would not sell to a media company because it would restrict the ability to negotiate with other broadcasters." Sky News, which is controlled by News Corp., reported that the company had talked to Slim.

Ecclestone, who first secured the rights to negotiate television contracts for F1 races in the late 1970s, said News Corp. had not made any approach to CVC. He added to Bloomberg: "CVC are not in the slightest bit interested in selling."

He added: "A lot of people approach them but they are there for the long term." Ecclestone said that although CVC is committed to owning the series, he could not rule out a sale if a huge bid was tabled.

"If someone was to come along with an enormous offer, a lot more than it was worth, then they have to look at it," he said. "They have never talked about selling, though."

Source: SportBusiness