Formula One news

Sauber BMW takeover fails

Peter Sauber has failed to complete a takeover of the BMW Sauber Formula 1 team. The founder of the Sauber F1 team, which joined Formula 1 back in 1993, had hoped to rescue the team and sign the Concorde Agreement for 2010 but said BMW's demands were too high.

"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," Peter Sauber told our colleagues at Autosport. "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.

"I am incredibly disappointed and disconsolate. For me this is the bitterest day in my 40-year career in motor sport. It is also a devastating setback for the team. Other solutions must now be sought. The responsibility for that lies in the hands of BMW. Needless to say, I am willing to help, as before."

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