BMW-Sauber Buyout Fails - Part 1

Japanese manufacturer Honda quit Formula One racing more than 9 months ago, but their operations were handed to Ross Brawn for one single dollar and the resulting team marched through the first part of the 2009 season unchallenged at the top of the F1 standings.

Apparently, German car maker BMW would have wanted to do the same this week. After announcing that they will withdraw from the sport at the end of 2009 last Wednesday, BMW's motorsport director Mario Theissen reportedly met several time with Peter Sauber – owner of 20% of the Hinwil based team – to proceed to such a buyout.

However, as proved in the Honda case, such a solution takes at least several weeks (if not months) to be agreed upon, time that Sauber doesn't seem to have at the moment. The initial term for the buyout to be completed was August 5th, in time for the 65-year old Swiss to sign the new Concorde 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. Regrettably, despite every effort, this has proved unsuccessful,” Theissen said in a press release on BMW's site.

“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. 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,” added the German official.

The members of the Formula One Teams Association (FOTA) went on with their plans and signed the new agreement with the FIA and the Formula One Management (FOM), linking them to the sport at least until 2012. Although Sauber was unable to meet the deadline imposed by the teams' alliance, the FOTA issued a quick statement in which it confirms the Hinwil based team will be given some extra time to save itself after BMW's exit.

Another piece of bad news for Sauber appeared today in the Swiss media, as it seems Nelson Piquet Sr. dismissed the rumors linking him to a potential buyout of the Sauber outfit. Red Bull's owner Dietrich Mateschitz also ruled out a potential purchase of the Swiss team, while Joan Villadelprat is yet to comment on the matter.