BMW miss Concorde deadline

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BMW Sauber announced eight days ago they would be withdrawing from Formula One at the end of the season for corporate reasons.

On Saturday, it was confirmed the FIA, Bernie Ecclestone's Formula One Administration and the other 12 teams who will be competing in F1 from next season had signed the Concorde. BMW Sauber were given until Wednesday to put their name on the new document, which determines the participation of the teams in the championship and their share in its commercial success, but the limited timeframe meant they were unable to find a buyer.

In a statement, team boss Mario Theissen said: "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.

"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 (former owner who retains a 20% stake).

"Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment."

The Formula One Teams' Association have vowed to support plans for the team to sign up at a later date, providing the FIA are also in agreement.