BMW Reject Sauber’s Takeover Bid
BMW have rejected Peter Sauber’s bid to takeover the Formula One team after the German manufacturer announced it would be leaving the sport at the end of 2009.
BMW have not had the success they desired after purchasing Sauber’s team in 2005. They scroed a few podiums, and one race win but the Munich board wanted a world championship, and with a very slow 2009 machine it looks as impossible as Force India’s title challenge. Thus, given the world eceonomic situation they pulled the plug.
Peter Sauber made an offer to purchase the team back, but he said BMW’s demands were far too high for him to achieve, and that they were being completely unreasonable. He described it as a very disappointing day.
“I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team,” Sauber told Autosport.
“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.”
Meanwhile, FOTA have declared their support for BMW in what ever form it may now take. A statement said; “Fota teams have immediately consulted each other and are ready to assure all the necessary support to BMW, whose membership in the association is confirmed, to continue its involvement in the F1 sport.”