BMW SAUBER STAKEHOLDER Peter Sauber has slammed the German manufacturer for failing to reach an agreement to salvage the team?s future.
Sauber launched a rescue bid to take over the team after BMW revealed it was withdrawing support of its Formula 1 program.
The 66-year-old hoped to secure a deal in time to sign the new Concorde Agreement, but his attempts were scuppered after failing to reach an agreement with the Munich-based company.
Signing the new teams agreement would have ensured the financial viability of the team long term, but now, its future is somewhat clouded.
He told Autosport: "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.
"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."
BMW motorsport boss Mario Theissen said there wasn?t enough time to iron out a deal before the FIA-mandated deadline.
However, he revealed his company remains committed to finding a new owner for the Swiss outfit and ensure it returns to the grid in 2010.
?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," Theissen said.
"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.?