BMW Sauber have rejected a takeover offer from founder Peter Sauber.Sauber, who holds a 20% stake in the German team, revealed he offered to take it over last week after they announced plans to exit from Formula 1.
He revealed that talks had collapsed, saying the automaker's demands were "far too high".
In order to compete next season, teams had to sign the new Concorde Agreement that governs F1 racing, outlining how the sport is run and how its revenues are distributed, by Wednesday.
The failure of Sauber's bid means he has been unable to meet the deadline. "I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team," Sauber told Autosport. "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.
