9 Aug 2009

Sauber says BMW rejects bid for F1 team

6:50 am on 9 August 2009

The founder of the Formula One team Sauber says the German carmaker BMW has rejected his offer to take over the team.

BMW announced its exit from Formula One last week and says it's still in talks with Sauber and other interested parties about the sale of its 80 percent stake.

Peter Sauber holds 20 per cent and says negotiations broke down because BMW's demands have simply been too high, so he's not been able to sign the concord agreement that would have guaranteed payments running into millions and secured the team's future.

Formula One's governing body the FIA and the 12 teams signed a new deal last week to safeguard the sport until 2012.

Sauber says he's till willing to help, but it's up to BMW to find a solution.