Hopes remain high that the BMW-Sauber team can continue in Formula One in some guise despite the decision of the German carmaker to pull out of the sport at the end of the season.
Team founder Peter Sauber, who owns a 20% minority stake in the team, has been searching for investors since BMW’s shock announcement on July 29 but has so far failed to secure funding.
”The objective now is to find an agreement with Peter Sauber and potential investors in the next few weeks,” BMW motorsport director Mario Theissen said on Thursday.
Sauber’s first attempt at putting together a rescue plan collapsed Wednesday but the 65-year-old remains confident that a deal can be reached to ensure a future for the team in 2010.
”In a short time we have already found investors and sponsors and will now work with them on securing the future of the team,” he said.
Theissen said BMW was doing everything in it’s power to ensure a speedy agreement over the sale of the team’s headquarters in Hinwil, Switzerland.
”Unfortunately, this has not been successful despite the serious efforts,” he said. ”The time that we were given was not sufficient to reach an agreement with the interested parties and investors in such a complex transaction.”
Although Sauber has failed to sign up to the new Concorde Agreement, which regulates F1 until 2012, the Formula One Teams Association (FOTA) has made clear it will support any rescue bid.
Over the weekend, Brazilian media reported that former world champion Nelson Piquet was close to a co-ownership agreement with Sauber and that his son Nelson Piquet Jr could be one of the drivers for the team in a move from Renault.
BMW took over the team in 2005 and debuted in the Formula One a year later. In 63 races to date, BMW-Sauber so far has celebrated only one victory, by Polish driver Robert Kubica in Montreal, Canada, in June 2008. — Sapa, dpa