Sauber 'devastated' as rescue bid fails

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Sauber had attempted a takeover of the Formula One marque after BMW announced eight days ago they are to pull out of the sport at the end of the season. The 65-year-old Swiss, who still holds a 20% 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.

However, Sauber has revealed talks broke down due to BMW's demands being "far too high for me". Speaking to Autosport, Sauber 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."

He added: "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."

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 after months of bitter wrangling. The contract determines the participation of the teams in the championship and their share in its commercial success.

BMW Sauber were given until Wednesday to put their name on the new document, but the limited time-frame meant they were unable to find a buyer.

In a statement, 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."