BMW fails to find buyer in time for Concorde signing

BMW has failed in its bid to find a buyer for its Formula One team in time for the ratification of the new Concorde Agreement.

In a statement last week, BMW announced that it was leaving Formula One at the end of the current season and although the car-manufacturer attempted to find a buyer, the team’s signature could not be added to the new Concorde Agreement before the Wednesday deadline.

Team boss, Mario Theissen said that it was impossible to find a buyer, for the team, in such short space of time.

“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,” said Theissen in a statement on Thursday.

“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.

However Theissen has insisted that the German manufacturer will continue to work with Peter Sauber to find a buyer for the team.

“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.”

FOTA said on Wednesday it would support BMW and allow the team to sign up at a later date, although it is unclear if the FIA will allow for this, or whether it will give the opportunity to one of several hopeful new teams who applied earlier in the year.