British F1 tycoon to bid for Saab

Formula One Management CEO and British sports entrepreneur Bernie Ecclestone is partnering with Euro

The announcement came shortly after Saab, the Swedish unit of automobile company General Motors (GM0), received no rescue bids from any company. Deals to sell Saab have twice fallen apart in recent months.

General Motors (GM) of US has been trying to sell Saab since January last year following its bankruptcy in July last year.

Saab has recorded losses for eight successive years and employs 3,400 people in Sweden and GM estimates that 8,000 people will suffer indirectly from its planned closure.