Michael Andretti’s move to acquire a majority stake in Sauber has encountered a roadblock as the company behind the organization is reluctant to accept its offer.
GPFans Global believes Andretti has made a significant offer of just over $ 300 million for an 80 percent stake in Islero Investments.
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The Sweden-based company with headquarters in Switzerland was founded by Longbow Finance, which Sauber bought in 2016 from then founder and co-owner Peter Sauber and which now heads the Alfa Romeo F1 team.
Andretti had hoped that such a number would be enough to get Swedish billionaire Finn Rausing to sell his shares.
However, it is known that opinions within Islero Investments are divided as to whether Andretti’s proposal should be accepted, resulting in a standstill in negotiations.
The company feels that with F1’s share price soaring around the world, the team could be sold for a greater amount in another two or three years.
Andretti had initially hoped to confirm the closing of the deal, and with that, Colton Herta was named Valtteri Bottas’ teammate for next year’s United States Grand Prix this weekend.
However, until Rausing and his board colleagues reach a consensus on how to proceed, an announcement will be suspended.
If the deal is accepted, it would be the latest move for Andretti Autosport, which has already competed in seven different series including IndyCar, Formula E and Extreme E.
The purchase of an already established team effectively represents a cost-effective entry into Formula 1 for Andretti.
Currently, any new team looking to get into Formula 1 has to pay a $ 200 million fee to prove their intent. In addition to the associated expenses of starting an organization, a potential owner anticipates the total cost of about $ 500 to $ 600 million.
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