BMW’s late decision made any Concorde agreement all but impossible for a new owner
Behind the scenes it has been a busy time for BMW motorsport boss Mario Theissen following German car-maker's shock announcement last Wednesday that it to leave Formula One at the end of the
There has been negotiations with former team owner Peter Sauber over the last week regarding the sale of the Hinwil-based facility and its staff but with BMW making its announcement just ahead of the scheduled signing of the Concorde Agreement, both parties were unable to come to an agreement in time.
Sauber makes clear that the offer on the table from BMW could not be pursued however as the asking price for the team was simply too high, while Theissen insists that negotiations are ongoing.
"The negotiations with BMW have failed because their demands were simply too high for me," Sauber told Autosport. "Consequently I have been unable to sign the Concorde agreement which guarantees payments worth millions and would have secured the future of the team."
BMW of course could not sign the agreement itself having already stated that they would be exiting the sport at the end of the season but it had been hoped that Sauber would be able to conclude the deal in time to complete the three year F1 agreement.
"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," Theissen said in a statement. "Regrettably, despite every effort, this has proved unsuccessful.
"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," he said. "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."