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Sauber 'BMW were asking too much'
Topic Started: Aug 6 2009, 11:16 AM (1,217 Views)
John
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http://www.autosport.com/news/report.php/id/77574


Quote:
 

AUTOSPORT understands BMW was asking for much more money for the purchase of its Hinwil base - from which all the team's activities except powertrain development are run - than Sauber was willing to pay.

Sauber, who brought the team into Formula 1 in 1993 and retained a 20 percent stake after it was bought by BMW in 2005, said that had a deal been completed, he would have been able to sign the Concorde Agreement.

This would have guaranteed the team a share of the sport's sport revenue for the next three years and helped ensure its long-term future.

"Following the announcement by BMW that it will be pulling out of Formula 1 at the end of the 2009 season, I tried to launch a takeover and rescue of the team," said Sauber.

"However, the negotiations with BMW have failed because the demands were simply far too high for me. Consequently, I have been unable to sign the Concorde Agreement, which guarantees payments worth millions and would have secured the future of the team."

Sauber is still determined to do everything he can to ensure that the Hinwil-based team continues in Formula 1, but described the collapse of the deal as the "bitterest" in his motorsport career.

"I am incredibly disappointed and disconsolate," said Sauber. "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.............


No price is too high if you want it enough Peter... <thumbsup>

The thing is that the team you sold to BMW was worth a lot less than the team you wished to buy from BMW... <think>

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AndyW76
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I don't know, based on this years performances, I'd suggest that the old sauber team are far more valuable. Also, I doubt that BMW would have achieved the same success if they'd chosen to go it alone in F1 (al a Toyota) instead of buying an existing set up.

I agree that BMW should get a fair price but I do feel that Peter Sauber is getting a raw deal.
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John
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BMW achieved more in it's first year as BMW Sauber than Sauber did in all it's time as Sauber... If points mean money they the sheer revenue raised under BMW Sauber meant the value of the team had increased.

No one forced Peter to sell... and there is no law to say he should regain control... as I said if he wanted it badly enough he'd have offered more... the truth is we know nothing of how much he offered, how much was asked...

Personally I think it would be fantastic to see the team continue under Peter Sauber...
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Norbert
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At the moment, the results mean the team are worth about £1.50. I suspect BMW will have been trying to sell the team for what they paid for it, plus what they invested. Which is ridiculous. Eventually, like Honda, they'll sell for a quid, plus the debt which the team may have.
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John
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It might be only worth £1.50 but that does not mean BMW should sell it for 50p.

It is a case of whether Peter wants it more than BMW need to sell it... we shall see.
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Norbert
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I doubt Sauber would offer too much less than market value, however I would fully expect an embarrassed manufacturer to be asking in excess of the worth to try and save faith. I'm sure all the employees are delighted with the prospect of being jobless because the board are trying to make themselves a few quid....
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John
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BMW decision was sudden but saving face is of little concern to BMW... I mean their news was immediately over shadowed by the return of schumacher... BMW's involvement in F1 is already history and old news.

And I am sure these employees are grateful for the 400 extra jobs created in the first place... I believe Brawn GP shed half it's workforce even when they were winning everything, It is a simple fact that in this climate no job in any industry is safe much less guaranteed.

Even if Peter Sauber had agreed terms with BMW to buy back the team, the employees future was still bleak and redundancies unavoidable.
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stradlin24
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I love the way BMW are still making people hate them even after they have gone

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John
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only those with hate in their hearts... <LOL>
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stradlin24
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John,Aug 6 2009
03:10 PM
only those with hate in their hearts... <LOL>

There was a time that I didn’t. then I came across BMW, Michael Schumacher, Ferrari and Manchester United

<roflmao> <roflmao>
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John
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That says far more about you than it does about them... :(
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AndyW76
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Nah, I think the real problems started when BMW ruthlessly pillaged rover for the 4x4 technology then appealed to the bleeding hearts when they realised that Rover wasn't profitable. Then, to top it all off, they unleashed a cynical range of vehicles on the world including the X6 "Tonka Toy" and the car that doesn't know what it is, the X3.
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AndyW76
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John,Aug 6 2009
03:24 PM
That says far more about you than it does about them... :(

In a sporting sense, I have nothing against BMW, it is just certain cars in their range that I don't like, though I do think that their with drawal isn't much better than what Honda nearly did to Brawn. Fortunately for Ross, he had the financial backing to save the day.

In BMW's case, I feel that they are doing everything they can to prevent a repeat of the Brawn situation. If Peter Sauber bought his team back and was then a success next year, it would leave BMW with quite a lot of egg on their faces.
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John
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pathetic... but not wholey unexpected retort.

<roflmao> <roflmao> <roflmao> those nasty germans bombed our chip chops...
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stradlin24
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John,Aug 6 2009
03:24 PM
That says far more about you than it does about them... :(

Don’t take things too seriously will you John


<rolleyes>
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