 GM has threatened to close Saab down
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Formula One boss Bernie Ecclestone is part of a bid to buy struggling Swedish carmaker Saab.
Mr Ecclestone has joined forces with Luxembourg-based private investment company, Genii Capital, which recently invested in Renault's Formula 1 team.
Loss-making Saab has been put up for sale by its current owner, US giant General Motors.
A second offer for Saab has also emerged, from the Dutch sports carmaker Spyker.
'Neglected' brand
Mr Ecclestone told the Bloomberg news agency that Saab was "a good brand".
"It's a good brand that has probably been neglected by the current owners," he said.
"We don't own it yet, so let's see what happens."
Genii added that it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company".
Victor Muller, the chief executive of Spyker, said: "We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible."
General Motors has been trying to sell Saab since January last year, and continues to say that it will close the business if no suitable deal is agreed.
Saab, which employs 3,400 people in Sweden, lost 3bn kronor (£255m; $412m) in 2008, and it has not made a profit since 2001.
A meeting of Saab board members will take place on Friday.
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