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Formula 1

Formula 1 team scraps potential million-dollar deal

After speculation that Michael Andretti could gain a controlling stake in the Sauber Group – which the Alfa Romeo team are operated by – it now seems that the takeover will not be happening, RacingNews365.com understands.

Sauber Alfa Romeo 500 races
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To news overview © Alfa Romeo

A potential million-dollar sale of the Sauber Group to Andretti Autosport has been scrapped, RacingNews365.com understands from a source close to the negotiations.

A few weeks ago the news came out that Michael Andretti, son of racing legend Mario Andretti and owner of American Andretti Autosport, was on the verge of acquiring a large stake in Swiss Sauber Motorsports, which the Alfa Romeo F1 team are operated by.

Andretti wanted to acquire 80 percent of the shares of Islero Investments, the current owners of Sauber. However, Sauber's current owners decided not to sell the team because Andretti could not meet certain conditions that were set.

The two parties did not reach an agreement in the end. It is unclear what those conditions were, but the deal appears to be off the table.

A Sauber spokesman would neither confirm nor deny that negotiations were taking place and that the deal has been scrapped: "We have no comment to make about these rumours. Any discussion, past, present or future in relation to the ownership of the team is the responsibility of the shareholders and not something about which the team will offer any statement."

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