Peter Sauber, the founder of the Swiss-based Formula One team, has criticised BMW for asking too high a price for the sale of the operation after his bid to rescue the team was not agreed in time to sign the new Concorde agreement.
“I am incredibly disappointed and disconsolate,” Sauber said. “For me this is the bitterest day in my 40-year career in motor sport. It is a devastating setback for the team. Other solutions now need to be sought. The responsibility for that lies in the hands of BMW.”
Sauber, who first brought his team into Formula One in 1994, sold an 80% stake in the company to BMW after which it was rebranded as BMW Sauber. Last week BMW said it was withdrawing from Formula One at the end of the season, but to have any realistic chance of selling the company as a going concern it was necessary for either them or Sauber to sign the new Concorde agreement by the FIA’s deadline yesterday. Guardian.co.uk
“Following the announcement by BMW that it will be pulling out of Formula 1 at the end of the 2009 season, I tried to launch a takeover and rescue of the team,” Sauber said.
“However, the negotiations with BMW have failed because the demands were simply far too high for me.”
“Consequently, I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team.”
Despite his frustration, Sauber said he would continue to work to save the team – although he stressed that the ball was now in BMW’s court.
“Other solutions must now be sought,” he said.
“The responsibility for that lies in the hands of BMW.”
“Needless to say, I am willing to help, as before.” ITV
BMW motor sport director Mario Theissen insisted that “everything in our power to reach a rapid agreement” had been done.
“Regrettably, despite every effort, this has proved unsuccessful,” Theissen said. “The tight timeframe we faced simply did not allow us and the interested parties and investors enough time to find a solution for such a complex transaction.
“This means the team cannot sign the Concorde Agreement at present. The aim now is, over the coming weeks, to find a solution together with potential interested parties and Peter Sauber.”
The Formula One Teams Association said it will support plans for the team to sign up later if a buyer is found, providing the FIA governing body is also in agreement. The Canadian Press
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