Bmw Sauber Rejects Takeover Offer

The BMW Sauber F1 team has rejected a takeover offer from founder Peter Sauber following the car manufacturer’s announcement that they are to quit the sport at the end of this season.

Sauber, who holds a 20% stake in the German team, revealed he offered to take it over last week after they announced plans to exit from F1.

He revealed that talks had collapsed, saying the automaker’s demands were ‘far too high’.

The team say they are still in talks with Sauber as well as other interested parties over the sale of BMW’s 80% stake in the team.

BMW, which took over Sauber in 2005, are due to withdraw from F1 at the end of this season, citing ‘current developments in motorsport’ as the reason for their decision.

In order to compete next season, teams had to sign the new Concorde Agreement that governs F1 racing, outlining how the sport is run and how its revenues are distributed, by this week’s deadline.

The signing of the new agreement heralded a final resolution to the political rows that have destabilised the sport throughout 2009.

The failure of Sauber’s bid means he has been unable to meet the deadline.

‘I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team,’ stated Sauber.

‘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.’

The Formula One Teams Association (FOTA) 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.

BMW is the second major manufacturer to leave the sport in eight months after Honda’s withdrawal in December.