BMW fails to find team buyer in time

BMW announced late last month that it will quit Formula 1 at the end of the current season, and the German manufacturer started looking for a buyer in order to save the team.

The car maker had until yesterday to sign the new agreement.

Team boss Mario Theissen, however, said it had been impossible to find a buyer for the team in such a short period of time, and therefore the Hinwil-based squad could not sign F1's new accord.

FOTA said on Wednesday it would support initiatives to allow the team to sign up at a later date, although it is unclear if the FIA will allow that, or whether it will give the opportunity to one of several hopeful new teams waiting for an opportunity.

Theissen said BMW will still try to find a solution for the team together with Peter Sauber.

"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.

"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."