Formula One motor racing boss Bernie Ecclestone is part of a bid to buy General Motors' struggling Swedish carmaker Saab, the BBC reported on Friday.

Ecclestone has joined forces with Luxembourg-based private investment company Genii Capital, which recently invested in Renault's Formula 1 team, the report said.

GM has been trying to sell Saab for a year, and a deadline for bids expired overnight with reports that at least three bids were submitted, including one from small Dutch luxury carmaker Spyker .

GM has said it will close the 60-year old company if a suitable bid isn't received, and as recently as Wednesday GM Chief Executive Ed Whitacre said he was not confident of reaching a deal.