“Does the Name Sauber Mean Nothing?” – €600 Million Reportedly Proves To Be a Stumbling Block in Andretti F1 Buyout
Follow Us
At the end of August, a story in The Formula One paddock emerged about Alfa Romeo Sauber. Reports claimed that American retired racing driver and team owner of IndyCar team Andretti Autosport, Michael Andretti wants to buy 80 percent of Alfa Romeo Sauber, along with a group of investors backing him.
This deal was supposed to be announced at the United States Grand Prix. But now that the GP is upon us, news has emerged that Andretti is apparently not completing the deal.
ADVERTISEMENT
Article continues below this ad
Who is Max Verstappen’s Girlfriend – Kelly Piquet?
Speculations around Andretti taking over Sauber
At the Turkish GP at Istanbul Park, the news was leaked first that 1991 IndyCar Champion Andretti, along with a group of investors have submitted an offer to the Swiss owners of Alfa Romeo Sauber.
On the Wednesday leading up to the United States Grand Prix, Andretti Autosport announced via Twitter that there should be some news soon. People started speculating that the takeover would be completed soon, and American driver Colton Herta would be placed in the second seat alongside Valtteri Bottas. The 21-year-old American driver finished the IndyCar series in fifth place this year and also secured three victories for the Andretti Autosport team.
Trending
Daniel Ricciardo To Be Replaced by Liam Lawson After Miami, F1 Pundit Dishes Out Harsh Verdict After Australian’s “Amateur Mistake”
April 17, 2024 11:14 AM EDT
F1 Rumor: Christian Horner and Wife Geri to Publicly Reveal All Details on Leaked Chat Scandal
April 22, 2024 04:10 PM EDT
Max Verstappen Sabotaged Daniel Ricciardo’s Only Chance of Getting the Red Bull Seat for 2025
April 21, 2024 11:59 AM EDT
Carlos Sainz Blames Charles Leclerc for Causing Fred Vasseur’s Painful Chinese GP Loss
April 21, 2024 12:23 PM EDT
Toto Wolff Leaves Carlos Sainz Out of Long Term Plans, Nico Rosberg Reveals Details of Proposed Mercedes Contract
April 22, 2024 07:21 PM EDT
Get instantly notified of the hottest F1 stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
WATCH STORY: Lewis Hamilton’s Biggest F1 Crashes
Although many in the paddock still believe that the sale of Alfa Romeo Sauber to the Americans is a done deal, the plan of Michael Andretti seems to have failed for the time being. According to information by auto-motor-und-sport.de, the investors have shied away after realizing the amount that they have to raise in order for the takeover to happen.
An anonymous source, likely from the Alfa Romeo Sauber team, was quoted as saying, “Does the name Sauber mean nothing? After all, we are the fourth oldest team in Formula 1.”
ADVERTISEMENT
Article continues below this ad
The sale price for Alfa Romeo revealed
In addition to a purchase price of 350 million euros, there should also be a bank guarantee of an additional 250 million euros. Bringing the total to 600 million. The bank guarantee is to secure that the team remains operational for the next five years. The 50 million a year guarantee is intended to bridge the gap between the team’s income and the entry budget if enough sponsorship money is not found. The current owner wants to ensure that Sauber goes into serious hands.
However, some of the rumors about the takeover were pretty dubious, anyway. It was rumored that Andretti wanted to use Colton Herta in the first Free Practise session immediately after the announcement.
ADVERTISEMENT
Article continues below this ad
That won’t be possible because the 21-year-old American has to first complete 300 km in an F1 car to be eligible to drive in a Grand Prix, regardless of the number of super license points that Herta has. Additionally, Herta has only 32 points in his super license, whereas he needs 40 to be able to drive in F1. So what is in store for the Swiss team’s fate in F1? Only time will tell.