Dutch sports car maker Spyker, another a former Formula One team backer, is also bidding for the Swedish car brand, and a third bid is expected from a group of Swedish investors.
Bloomberg reports that Swedish company Saab is one of several brands Detroit-based General Motors is looking to offload as it restructures following its bankruptcy filing last year. Also on the block are the Pontiac, Saturn and Hummer. The company will focus in future on its Chevrolet, Buick, GMC and Cadillac lines.
The bids by Ecclestone and Genii, Spyker, and the Swedish group of investors, are last ditch efforts to save Saab, as GM has already announced it is proceeding with plans to shut down the company's operations. The bidders submitted bids before a 5pm deadline in New York on Wednesday.
“It’s a good brand that has probably been neglected by the current owners,” Ecclestone said. “We don’t own it yet, so let’s see what happens.”
Genii Capital said in a statement that it “has decided that given an adequate and short timeframe for finalizing its offer, it will aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company.” Genii said it would bid for a majority stake in Saab together with Ecclestone.
