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BMW still searching for team buyer 06 Aug 2009

Dr Mario Theissen (GER) BMW Sauber F1 Team Principal.
Formula One World Championship, Rd 4, Bahrain Grand Prix, Practice Day, Bahrain International Circuit, Sakhir, Bahrain, Friday, 24 April 2009

BMW Sauber say they are still working on finding a purchaser for the team, after last week’s announcement that the German car maker will withdraw from Formula One racing at the end of the season. The delay means the team have yet to sign the 2009 Concorde Agreement.

"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 BMW Motorsport Director Mario 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 (original team founder) Peter Sauber. Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment."