Formula One news

BMW Sauber still searching for buyer

BMW Sauber is currently searching for a buyer to ensure the future of the team in Formula One. The Hinwil based outfit has been unable to sign the new Concorde Agreement after the German manufacturer announced last Wednesday that it would be departing the sport at the end of the season.

"Since the announcement on 29 July of our strategic realignment, we have done everything in our power to reach a rapid agreement on the sale of the team based at Hinwil. Regrettably, despite every effort, this has proved unsuccessful," admitted team principal Mario Theissen.

"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.

"Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment." Current race drivers Nick Heidfeld and Robert Kubica also remain without drives for 2010.

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