BMW, without buyer or Concorde Agreement

Learning on July 29 that BMW did not wish to continue its involvement in Formula 1 beyond the 2009 season, Mario Theissen was taken by surprise. The director of BMW Motorsport thus had until Wednesday August 5 to initial the Concorde Agreements, signed by Max Mosley, president of the FIA, at the end of last week.

But, due to lack of time to find a buyer, Mario Theissen was unable to sign the document which guarantees the stability of Formula 1 for the period 2010-2012. The director of BMW Motorsport confirmed in a press release that the delays did not allow him to find a satisfactory solution.

« Since announcing our strategic reorientation on July 29, we have done everything in our power to quickly reach an agreement on the sale of the team based in Hinwil, says Mario Theissen. Unfortunately, despite all our efforts, this proved to be a failure. The tight schedule we had to face left neither us nor the investors enough time to find a solution to such a complex operation. This means that the team cannot sign the Concorde Agreement at present. The aim is, in the coming weeks, to find a solution with the interested parties as well as with Peter Sauber. Beyond that, we will continue the 2009 season without fail in terms of our commitment. »