Peter Sauber blasts BMW as Formula One rescue bid fails
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 per cent 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 said: "Consequently, I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team.
Peter Sauber blasts BMW as Formula One rescue bid fails - Telegraph
The 65-year-old Swiss, who still holds a 20 per cent 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 said: "Consequently, I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team.
Peter Sauber blasts BMW as Formula One rescue bid fails - Telegraph
