By Karl West
Last updated at 9:19 PM on 08th January 2010

Power broker: Ecclestone has a personal fortune of more than £2billion

Power broker: Bernie Ecclestone's 11th hour bid for Saab faces competition from Dutch bespoke car maker Spyker

Formula One supremo Bernie Ecclestone has launched a last-ditch bid to seize control of struggling Swedish car maker Saab.

The 79-year-old billionaire has teamed up with the Luxembourg-based buyout company Genii Capital, which recently invested in Renault's F1 racing team.

Saab was put up for sale last year by parent General Motors, which owns Vauxhall, as part of a major restructuring operation, but has so far failed to secure a buyer.

It is not known how much Mr Ecclestone, who is estimated to be worth £2.3billion, and Genii are proposing to pay for the stake.

Mr Ecclestone said: 'It's a good brand that has probably been neglected by the current owners.

'We don't own it yet, so let's see what happens.'

Saab which employs 3,400, lost £255million in 2008 and has not made a profit since 2001.

Any buyout will have to be agreed quickly - Saab's board members were meeting in Sweden yesterday to discuss their plans to wind down the business.

Genii Capital confirmed in a statement that it was working on an offer for a 'majority stake' in Saab in a partnership with Ecclestone.

The buyout group believes it can add value by using some of the expertise it has in its investment portfolio in the fields of green engine production and on-board entertainment systems.

It said: 'The group believes that Saab has a tremendous brand value in a number of key automotive markets as well as an innovative image allowing it to be at the forefront of the car companies that will be first to market with some of the above mentioned technologies.'

Ecclestone has clawed his way up from humble beginnings, leaving school at 16 to work at the local gasworks. After the Second World War, he went into business trading spare motorcycle parts, forming the Compton & Ecclestone dealership in Bexleyheath, Kent.

Last year his family's fortune was estimated to be worth about £2.3billion by Forbes magazine.

Dire straits: Saab lost £255million in 2008

Dire straits: Saab lost £255m in 2008

GM chief Ed Whitacre this week said he was not confident a deal could be reached to sell Saab as a deadline for bids came and went.

Ecclestone's 11th hour tilt at Saab faces competition from Dutch bespoke car maker Spyker, which made a revised offer to its previously rejected proposal.

There is also talk that other bidders may gatecrash the process.

Merbanco, a Wyoming-based group of investors, plus a team of Swedish business men, including the former head of German truckmaker MAN Hakan Samuelsson, are said to be interested.

Most of Saab's employees work at its main plant in Trollhattan, Sweden. The brand also has some 1,100 dealers.

Meanwhile, GM Europe boss Nick Reilly warned workers at Opel and sister brand Vauxhall of the challenging times ahead, which will include job cuts, as he seeks to overhaul the division.

GM plans to cut around 8,300 jobs from its 50,000 Europe-wide workforce. Most of the cuts - about 5,000 - will be made in Germany, with just 354 British jobs to go at Vauxhall's Luton van plant.