F1 News
"Alfa Romeo deal with Michael Andretti finally off the table"
- GPblog.com
Besides Haas, Formula 1 would have been close to having another American team. But it was already a bit on the cards the last couple of days. After weeks of negotiations Michael Andretti finally decided not to buy the Sauber-run Alfa Romeo team.
Demands are too high
The persistent rumor was that Andretti and some investors would become 80% owners of Sauber. But according to the authoritative, The Race Andretti does not want (or can?) satisfy the financial wishes of the current owners of the team, in particular the Swedish billionaire Finn Rausing. Last weekend it was reported Auto Motor und Sport that Andretti had to pay a bank guarantee of 250 million dollars, on top of 350 million dollars for the purchase of the team. Sauber wanted this money, to make sure that possible setbacks from sponsor income wouldn't endanger the existence of the team. Sauber also wanted to use the extra money to supplement the budget for 2022.
The Race now states that these demands are too high for Andretti. It seems that racing guru Andretti's dream of owning his own F1 team will come to an end (for now). However, the increasing popularity of Formula 1 in America suggests that this is certainly not Andretti's last attempt to gain a foothold in the racing series in which he was once barely successful as a driver.