Peter Sauber has said a failed attempt to rescue the team he founded represents the biggest disappointment of his career.
Former team boss says car company's demands are "too high"
Peter Sauber has said a failed attempt to rescue the team he founded represents the biggest disappointment of his 40-year career in motorsport.
The 65-year-old Swiss, who still holds a 20 per cent stake after selling his Sauber team to BMW in 2005, had hoped to complete negotiations ahead of Wednesday's deadline to sign the new Concorde Agreement.
Sauber is attempting a takeover after BMW announced eight days ago they are to pull out of the sport at the end of the season.
However, Sauber has revealed to
Autosport that talks broke down due to BMW's demands being "far too high for me".
He added: "Consequently, I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team.
"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."
After months of wrangling it was finally confirmed on Saturday that the FIA, Bernie Ecclestone's Formula One Administration and the other 12 teams who will be competing in F1 next season had signed the Concorde Agreement.
The contract, which determines the participation of the teams and their share in the sport's commercial revenues, was supposed to have been signed at the end of 2007.
Deadline
BMW Sauber were given until Wednesday to sign up, but were unable to find a buyer given the tight deadline.
Team boss Mario Theissen said: "Since the announcement on July 29 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.
"The tight time-frame 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.
"Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment."
Even so, the Formula One Teams' Association have promised support to help the team sign up at a later date, assuming a buyer is found and that the FIA is also in agreement.
