F1: Alfa Romeo buyout falls through due to financial reasons
It’s reported the price on the deal was ‘too high’
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Michael Andretti’s takeover of Sauber, racing in the Formula 1 as Alfa Romeo, is off as the price of the team was “too high”.
The deal looked certain to go through with Andretti Autosport expected to sign in the coming weeks. There were even reports of Indy Car driver Colton Herta being Valterri Bottas’ teammate next season.
However, the deal has now fallen through, according to German publication Auto Motor und Sport.
The publication’s F1 editor Michael Schmidt told their YouTube channel: “First it was said it was put on hold, now we hear it is completely off the table.
“Apparently the price is too high. There is a specific price for the team plus a guarantee (paddock says around $250m).”
Meanwhile, The Race report this guarantee has put Andretti off as he would have to pay $50million a year for five years upfront to ensure the team could operate at the budget cap.
Nothing has yet been confirmed and any updates were few and far between at the United States Grand Prix as Alfa Romeo team principal Fred Vasseur refused to speak about the deal.
He told The Race: “I have absolutely no comment to make. It’s not my business.
“I’m not involved in this kind of discussion and we have absolutely no comments to do, as we did in the past. I’m focused on running the team. It’s not my business at all.”
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments