CVC rejects offers to sell F1

(GMM) CVC has received offers but does not want to sell its majority stake in formula one's commercial rights, F1 chief executive Bernie Ecclestone has revealed.

"Lots of people have approached them," said the 78-year-old Briton, "I don't think they are going to sell."

Ecclestone told the Daily Telegraph newspaper that sales of corporate hospitality at grands prix will be down 20 per cent over the next few races, but insisted that trackside advertising revenues are steady.

He is also not concerned about race promoters going out of business [Editor's Note: even though he charges them such a high fee they have no hope of ever turning a profit.]

"It's not possible because we have got the guarantees in place," said Ecclestone, admitting that the only danger is that the guarantors also strike major trouble.

But amid the global financial crisis, he insisted "we shouldn't judge long-term things on what's happening today".