Sauber rescue bid fails

Peter Sauber has failed with a rescue bid to save the team and pointed the blame straight at BMW.

The 65-year-old Swiss still holds a 20% stake in the team after selling Sauber to BMW in 2005. When BMW revealed they were to pull out of F1 eight days ago, (BMW Sauber to pull out of F1), the former team owner launched a bid to save the team in order to keep the car on the grid in 2010 and jobs of workers in the factories.

It's understood that Sauber had hoped to complete negotiations ahead of yesterday's deadline to sign the new Concorde Agreement (sixth version).

Sauber today revealed that talks broke down due to BMW's demands being too high, remarking that it was the bitterest day in the businessman's forty years in motor sport.

"I am incredibly disappointed and disconsolate. It is a devastating setback for the team. Other solutions must now be sought. The responsibility for that lies in the hands of BMW"

Twelve teams have already signed the Concorde Agreement and are cleared to compete in next season's Formula 1 World Championship (This includes the nine teams competing in this years title race and three new teams that make their debut next year). The only signature now missing is that of BMW.

A statement from BMW team boss, Mario Theissen blamed the short amount of time the team was given to find a suitable investor that would keep the car on the grid in 2010

"We have done everything in our power to reach a rapid agreement on the sale of the team. Regrettably, despite every effort, this has proved unsuccessful"

"The tight time-frame we faced simply did not allow us and the interested parties and investors enough time to find a solution for such a complex transaction"

"The aim now is, over the coming weeks, to find a solution together with potential interested parties and Peter Sauber"

There is currently still a space open on the 2010 grid, a huge question mark now hangs over the future of a Sauber racing team where the likes of Felipe Massa and Kimi Raikkonen started their F1 career's almost ten years ago.

And, with possible investor's like Nelson Piquet senior now playing down their interest in investing in the team, could the final nail in the coffin for the Sauber racing name come at the Abu Dhabi circuit in November?

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