Fast cars have a global appeal

Press reports over the weekend, backed up by Bernie Ecclestone, said that Hong Kong's Hutchison had approached the racing supremo over a possible deal.

However, Hutchison's media unit, Tom Group, said it was premature to talk of "any specific deal at this moment".

Formula One has had problems, including the threat of a rival championship.

Changing times

Formula One is controlled by the holding company Slec, which in turn is owned by Mr Ecclestone and three banks, JP Morgan, Bayerische Landesbank and Lehman Brothers.

Newspapers over the weekend reported that the banks are now willing to sell their holdings in the firm.

Hutchison confirmed that it's Tom division had held talks, but played down their significance.

Bernie Ecclestone has played a key role in building up Formula One

"We do from time to time engage in preliminary talks with concerned parties on possible cooperation or investment," the company said in a statement.

"Formula One has become a very popular event which attracts lots of media attention.

"We also see widespread speculation on investment and acquisition discussions related to this industry.

"However, it is premature to suggest that Tom is discussing any specific deal at this moment."

Formula One has had to endure infighting and problems on the racing track in recent months.

Seven of the top racing teams have threatened to break away and set up a rival championship in 2008, and the latest US Grand Prix was run with only a fraction of the cars because of problems with tyres.