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Published: Friday August 7, 2009 MYT 11:17:00 AM

Sauber fails to rescue BMW’s F1 team

LONDON: Peter Sauber made a failed rescue bid for the BMW Formula One ahead of the deadline for teams to commit to the world championship until 2012.

Sauber, who retained a 20 percent stake after selling his Sauber team to BMW in 2005, said Thursday he tried to take charge of the outfit again after the German car maker announced plans last week to pull out of motor sport’s premier series at the end of the season.

Sauber said talks with BMW collapsed because the German automaker’s demands were “far too high.” Teams had to sign the new Concorde Agreement that governs F1 racing by Wednesday.

“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.

“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.”

BMW motor sport director Mario Theissen insisted that “everything in our power to reach a rapid agreement” had been done.

“Regrettably, despite every effort, this has proved unsuccessful,” Theissen said. “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.”

The Formula One Teams Association said it will support plans for the team to sign up later if a buyer is found, providing the FIA governing body is also in agreement.

Meanwhile, seven-time champion Michael Schumacher has completed two days of kart racing in Lonato, Italy, ahead of his return to F1 while Ferrari’s Felipe Massa recovers from the injuries he sustained at last month’s Hungarian Grand Prix.

“Arms, upper body, shoulders, neck - an excellent practice indeed,” the 40-year-old Schumacher said on his Web site.

Schumacher is not allowed to practice in the 2009 Ferrari car ahead of the European Grand Prix due to an F1 ban on in-season testing. - AP

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