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F1 Boss Backs $880M Tchenguiz Bid for Selfridges

LONDON-Formula One motor racing tycoon Bernie Ecclestone has emerged as a major financial backer for the pounds 550 million ($880 million) Tchenguiz bid for the Selfridges department store chain.

By Anita Howarth | Updated on May 08, 2003

LONDON-Formula One motor racing tycoon Bernie Ecclestone has emerged as a major financial backer for the £550 million ($880 million) Tchenguiz bid for Selfridges, the department store chain with a flagship unit on London’s Oxford Street.

Ecclestone is understood to have committed £100 million ($160 million) cash to support a bid of between 350p and 360p a share from property entrepreneur Robert Tchenguiz. The formal offer by Tchenguiz was submitted to the Selfridges board 24 hours after the “deadline” for bids had closed.

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