Sauber lodges entry form. BMW had asked 65million € for sale
By The Offsider / Auto Motor und Sport
August 19 2009
According to Auto Motor und Sport, the current BMW Sauber Team managed to submit an application form to the FIA before the 17th August deadline. Despite announcement of BMW's withdrawal from 2010, the F1 team management did manage to enter the tender process for the 13th team spot, despite there hasn't been a an agreement over the buyer yet.
Will this mean the team is close to being saved?
Not yet, but certainly one step closer. It will all depend on whether Peter Sauber manages to find a proper investor.
As well, the team, despite submitting the application to the FIA, has yet to sign the Concorde Agreement, which would provide them the commercial revenues...an important bit for any potential investor in these crisis times.
Auto Motor und Sport claims that the first buying attempt was backed by a number of Swiss investors, lead by Peter Sauber, but BMW rejected the offered, apparently the sum of moeny not being enough for their demands. It is said that BMW was expecting some 65 million€, a totally unrealistic figure given the current state of things, and even Honda's precedent -they sold theBrackley team for a nominal 1 pound-.
Apparently the cost of directly closing the factory instead would be far lower than in Honda's case, as Swiss labour laws (staff redundancies specifically) are less strict in this matter compared to UK's.
We hope the team is saved in the end, and there are as little redundancies as possible.
More info to follow soon...
Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: BMW Sauber F1 (IP Logged)
Date: 19/08/2009 09:46
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Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: soarq (IP Logged)
Date: 19/08/2009 10:05
Well, they want their money back. It just proves what we knew from some time. Formula 1 was never a sport for BMW loosers, it was pure buisness.
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: barteks (IP Logged)
Date: 19/08/2009 11:17
Well, it's a little bit more that 1 pound asked by Honda...
2008 Prediction Champion
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: Gemm (IP Logged)
Date: 19/08/2009 12:38
I don't want to be devel's advocate but I don't like comparing it to Honda case.
Let's remember they paid Peter Sauber and Credit Suise in cash for the 80%. Why should he just get it whole back for 1 €?
The times now are totally different than 4 years ago, but I can sort of understand why it's sold difficult for Munich beancounters to give it back free to guys they paid cash 4 years ago?
Peter Sauber would be a man of the decade to get suchy deal. Sell it for lot of money and than have it back for free.
Anyway... shame the team is bidding for for somethinmg they had just months ago.
Let's remember they paid Peter Sauber and Credit Suise in cash for the 80%. Why should he just get it whole back for 1 €?
The times now are totally different than 4 years ago, but I can sort of understand why it's sold difficult for Munich beancounters to give it back free to guys they paid cash 4 years ago?
Peter Sauber would be a man of the decade to get suchy deal. Sell it for lot of money and than have it back for free.
Anyway... shame the team is bidding for for somethinmg they had just months ago.
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: barteks (IP Logged)
Date: 19/08/2009 14:31
How much money BMW earned participating in Formula 1 between 2006 and 2009 thanks to Hinwil facilities?
2008 Prediction Champion
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: adedokun adegbite (IP Logged)
Date: 19/08/2009 15:00
hi good day i'm just trying to know how i can become f1 driver for bmw coz its been my dream to drive for bmw.thanks
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: Gemm (IP Logged)
Date: 19/08/2009 15:15
Quote:adedokun adegbite
hi good day i'm just trying to know how i can become f1 driver for bmw coz its been my dream to drive for bmw.thanks
You will need to pay € 100,000. deposit to my bank account (PM me for details) and that I will organize a test drive for you in Jerez in September.
If you do well and will get you on retainer contract with € 10,000,000 monthly salary.
I will be taking 15% of your earnings as your manager.
But first do not forget about this deposit.
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: Raid Phoenix (IP Logged)
Date: 19/08/2009 15:29
Gemm, surely you didnt copy paste from one of those Nigerian emails? lol
Can I get that deal too? My dream yet to fulfil, too, is becoming a BMW Sauber driver...er...
Anyway, BMW will never get 65million, no matter how good are the facilities, as the running the operations costs in F1 are already too high on its own...especially with all this current financial climate (even if its nearing its end)
They better either use Hinwil for Le Mans or another project, or sell it too a reasonable investor for a reasonable price...and rather sooner than later!
Lets remember Honda not only sold it for a pound, but even paid for most of the season's costs...and despite being in a much worse sales and economic position than BMW.
Racing against the machine!
Can I get that deal too? My dream yet to fulfil, too, is becoming a BMW Sauber driver...er...
Anyway, BMW will never get 65million, no matter how good are the facilities, as the running the operations costs in F1 are already too high on its own...especially with all this current financial climate (even if its nearing its end)
They better either use Hinwil for Le Mans or another project, or sell it too a reasonable investor for a reasonable price...and rather sooner than later!
Lets remember Honda not only sold it for a pound, but even paid for most of the season's costs...and despite being in a much worse sales and economic position than BMW.
Racing against the machine!
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: sessions (IP Logged)
Date: 19/08/2009 16:58
I still see Peter coming up with something. No sources have been released to my knowledge on the number PS and his investors put together on the deal BMW refused.
If 45 to 50 million made it to the table, BMW would be foolish not to sell.
Does anyone know any of the real numbers that have been thrown around ?
sessions
If 45 to 50 million made it to the table, BMW would be foolish not to sell.
Does anyone know any of the real numbers that have been thrown around ?
sessions
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: SauberF1-Canada (IP Logged)
Date: 19/08/2009 19:05
If the FIA accepts the entry, it will be a very positive step, since now a potential buyer can rely on the revenue from Bernie, which should make a sale much easier.
BMW is asking for 65 million. If the highest offer is only 45 million, surely they would eventually take the 45 million over 0?
Keep praying to the F1 gods.....
BMW is asking for 65 million. If the highest offer is only 45 million, surely they would eventually take the 45 million over 0?
Keep praying to the F1 gods.....
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: crusty_bread (IP Logged)
Date: 19/08/2009 22:10
I really feel for you guys at the moment. This situation will last for ages with that sort of a price.
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: KineticKid (IP Logged)
Date: 19/08/2009 23:32
Although I know Gemm was playing devil's advocate, I agree with Jaime. Whatever offer Peter Sauber and his partners put forth should've been acceptable because Peter is the only person out there who would be willing to accept the losses of running the team, due to his personal attachment to Hinwil.
The issue is not whether Peter was fleecing BMW. Even if Peter could come up wtih 65 million euro, it would be senseless to do so if the next best bid he's competing with is $0.
BMW don't understand that what they have here is a liability, not an asset. BMW was in F1 because of the benefits it would have on the road car side, so even if the F1 operation is a net loss, there is a gain for the overall corporation. For a privateer looking to purchase the team, the best they can hope for is to survive year to year financially, solelyfor the privilege of racing in F1.
Edited 1 time(s). Last edit at 2009:08:19:23:34:00 by KineticKid.
The issue is not whether Peter was fleecing BMW. Even if Peter could come up wtih 65 million euro, it would be senseless to do so if the next best bid he's competing with is $0.
BMW don't understand that what they have here is a liability, not an asset. BMW was in F1 because of the benefits it would have on the road car side, so even if the F1 operation is a net loss, there is a gain for the overall corporation. For a privateer looking to purchase the team, the best they can hope for is to survive year to year financially, solelyfor the privilege of racing in F1.
Edited 1 time(s). Last edit at 2009:08:19:23:34:00 by KineticKid.
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: Dale - DCX (IP Logged)
Date: 20/08/2009 06:55
Preposterous. Do they think investors of the world to be fools? Well, perhaps this was a poor choice of words... Regardless, this is a completely unrealistic figure and a stance which I feel reflects rather poorly upon BMW. Which I should think would be the last thing they need at the moment.
Re: Sauber lodges entry form. BMW had asked 65million € for sale
Posted by: Raid Phoenix (IP Logged)
Date: 20/08/2009 15:28