Ecclestone: Formula One not for sale

Monday, 25 April 2011 00:00 - - {{hitsCtrl.values.hits}}

Formula One supremo Bernie Ecclestone says the sport is not for sale following reports that Rupert Murdoch's News Corp is in talks over acquiring control of grand prix racing.

"Its rubbish," Ecclestone told the Telegraph Sport. "The sport is not for sale."

Sky News reported on Tuesday evening the News Corp had been in preliminary talks over the purchase of F1, with Mexican billionaire Carlos Slim also linked to the deal by forming a consortium with News Corp.

The networks said the talks were at an "embryonic" stage at the moment.

The report also says that News Corp could "decide not to attempt to acquire a direct stake in F1 but instead bid for the broadcast rights".

According to the Reuters news agency, News Corp has had no contact with F1's current owner CVC so far.

The private equity firm purchased SLEC - Formula 1's holding company - back in 2006.

It was reported that it would also be the first time that the global media group, which currently owns the rights to most live Premier League football, had taken over an entire sport and could be a major blow for the BBC.

The BBC counts F1 as the last major sport – unprotected by legislation governing its broadcast – over which it has sole broadcasting rights in the UK.

It secured the television rights to show Formula One in the UK from the 2009 season as part of a five-year deal covering all platforms and can broadcast F1 on the BBC Sport website as well as on TV and radio. However, senior managers have questioned whether the £40m a year cost of the contract is worth it at a time the BBC needs to make savings.

A spokesperson for News Corp declined to comment on what she described as "rumour and speculation".

However, a source with knowledge of the discussions has confirmed to the Guardian that News Corp was considering options regarding F1. "News Corp going into this transaction now is premature. They are thinking about F1 and options they could take but that is all it is at this stage," the source said.

The Concorde Agreement between F1's governing body and the teams, which governs the distribution of commercial revenues from the sport expires at the end of next year. "They [News Corp] will do nothing until after the next Concorde meeting – there is no way to possibly value or plan until after that," the source added. (www.skynews.com)