TOP 100 SPORT SITES
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| Carlo Ancelotti shows naked intent to stick with new year’s resolution Carlo Ancelotti said last night that he will do a forfeit happily in front of his players if he goes back on his word and makes new signings during next month’s transfer window. feeds.timesonline.co.uk |
GM seeks to close Saab despite offers on table • Swedish marque's owners plan to call in liquidators• F1's Bernie Ecclestone among potential biddersGeneral Motors, the American motor manufacturer, has infuriated potential bidders, including the Formula One boss Bernie Ecclestone, by appointing liquidators to begin a formal shutdown of Saab, less than 24 hours after receiving at least three offers from buyers keen to rescue the ailing Scandinavian car brand.To the dismay of Swedish unions, GM announced today that it was seeking legal approval to appoint AlixPartners, a Michigan-based business advisory firm, to supervise an "orderly wind-down of Saab".The decision, taken at a Saab board meeting, came less than a day after a deadline for offers to save the company that drew several proposals. A Dutch sports car manufacturer, Spyker Cars, tabled an offer. A second proposal came from a Swedish group fronted by a former deputy prime minister, Jan Nygren. And in a surprise move, Ecclestone, the billionaire impresario of the motor racing world, teamed up with a Luxembourg investment firm, Genii Capital, to launch a buyout attempt.Ecclestone and Genii Capital are working with a Swedish property entrepreneur, Lars Carlstrom, who expressed disappointment at GM's actions."It's unbelievable – we don't understand what GM is doing," Carlstrom told the Guardian. "We wonder if one decision-maker is saying something and others are doing something else."Although GM said it would continue evaluating rescue proposals, Carlstrom said he feared the US corporation was shifting responsibility for Saab to a third party. He described Saab as an "amazing company" with two new models ready to launch and a state-of-the-art factory with 30% higher productivity than GM's Opel plant in Russelsheim, Germany.The involvement of Ecclestone in the battle to save Saab has drawn fresh attention to the once-aspirational 63-year-old Scandinavian marque, which was bought by GM in 1990 but has failed to make a profit since 2001. Ecclestone, 79, whose family's wealth is estimated by Forbes magazine at $3.7bn (£2.3bn), has controlled Formula One racing since the 1970s and is the co-owner of Queens Park Rangers football club."Mr Ecclestone's know-how about the automotive industry and his contact network is priceless," said Carlstrom, who confirmed that Ecclestone was putting some of his personal money into the consortium's offer.About 3,400 people work at Saab, which has 1,100 dealer franchises around the world and is tied to scores of third-party suppliers and engineering firms in a technological cluster in south-west Sweden. The carmaker's demise has prompted protests, including a "Save Saab" rally by Saab owners outside GM's Detroit headquarters this week. A co-ordinated series of demonstrations is planned for 17 January, including a convoy to Saab's British head office in Luton.Industry analysts have suggested that GM could be dragging its feet on a sale because of a reluctance to allow potentially sensitive intellectual property to fall into the hands of a rival.A Swedish union chief, Stefan Löfven, president of IF Metall, said it was "clearly confusing" for GM to press ahead with liquidation while evaluating bids."It's irresponsible by GM," Löfven said. "GM now has to clearly show where it stands."GM was rescued from collapse by a US government bailout last year. Its chairman, Ed Whitacre, last month ousted Fritz Henderson, the former chief executive, and signalled that he wanted a more ruthless restructuring strategy. GM has offloaded its Hummer brand and is shutting Pontiac and Saturn.Automotive industryGeneral MotorsSaabMergers and acquisitionsFormula OneBernie EcclestoneAndrew Clarkguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
McLane in talks to sell Houston Astros Houston Astros owner Drayton McLane said he has signed a 30-day letter of intent with an unnamed New York investment banking company interested in purchasing the franchise, according to the team’s Web site. feeds.bizjournals.com |
Collins carries Jayhawks past Bears LAWRENCE, Kan. (AP) -- Sherron Collins had 28 points and hit his fifth 3-pointer with just over a minute left, helping No. 3 Kansas outlast No. 25 Baylor 81-75 Wednesday night.... hosted.ap.org |
Honda to sponsor L.A. Marathon For the first time in the 25-year history of the Los Angeles Marathon, the race will have a title sponsor, as American Honda Motor Co. Inc. and LA Marathon LLC have struck a deal for the race to be officially titled the Honda Los Angeles Marathon. feeds.bizjournals.com |