F1 supremo Bernie Ecclestone is part of consortium tabling a late bid to save Saab.
The billionaire is backing the bid led by the Luxembourg-based investment group Genii Capital, which recently bought 75 per cent of the Renault F1 team.
Ecclestone, said: “It's a good brand that has probably been neglected by the current owners. We don't own it yet, so let's see what happens.”
In a press release, Genii Capital said Saab "has a tremendous brand value in a number of key automotive markets as well as an innovative image" and stressed the importance of "VOIP and GPS location based services" in future Saab models.
Genii is reported to be modelling its business plan on Koenigsegg's effort, which fell apart when finance was not forthcoming.
Koenigsegg had said it would make Saab profitable by 2012 by increasing production to 105,000 vehicles a year.
Spyker has also confirmed it tabled an improved offer for Saab late last night.
Victor Muller, CEO of Spyker Cars said: "We have continued a constructive dialogue with GM over the acquisition of Saab. We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible." Two Swedish consortiums are also said to have tabled bids for Saab.
One is headed by Haakan Samuelsson, a 58-year-old Swede who quit as chief executive officer of German engineering and truck manufacturer MAN in November, and Jan Nygren, a former Social Democratic cabinet minister and ex-deputy chief executive of defence material group Saab.
The group's business plan aims to scale down Saab to building 45,000 to 50,000 cars a year, and would not require a loan from the European Investment Bank.
The board of Saab's parent company GM is set to meet on Thursday to discuss the company's future.