Sauber Admits Disappointment Over Failed Buyout

Peter Sauber admitted his disappointment and frustration over his failed buyout attempt of Sauber-BMW AG earlier this week. Basically, the 65-year old Swiss boss – who currently owns some 20 percent of the Hinwil team – revealed that the Munich based manufacturer had too high demands of him during the buyout negotiations.

Earlier today, BMW issued a statement in which they confirmed the negotiations on the team's buyout via a Honda-Brawn style have failed. While insisting that he will continue to put all his efforts into saving his team in Formula One, Sauber admitted this is the toughest time in his 40-year old career in motor sports.

“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,” said Sauber in a statement earlier today.

The Swiss boss did not hold back from pointing a few fingers at the German car maker as well, especially since a quick and honorable solution was not reached until the signing of the new Concorde Agreement by all the FOTA teams. As argued by Sauber, the safeguarding of his team prior to the ratification of the new agreement would have solved all of his team's financial problems for the upcoming seasons.

“The negotiations with BMW have failed because the demands were simply far too high for me. Consequently, I have been unable to sing the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team,” added Sauber.

The new contract between the F1 teams and the FIA/FOM clearly state that all spending in Formula One will have to reach the level of the early '90s in the upcoming 3 years.