At the end of August, a story about Alfa Romeo Sauber surfaced in the Formula 1 paddock. According to reports, the retired American racing driver and team owner of the IndyCar team Andretti Autosport, Michael Andretti, plans to buy 80 percent of Alfa Romeo Sauber, along with a group of investors who support him.
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This deal was due to be announced at the United States Grand Prix. But now with the GP ahead of us, it has become known that Andretti does not appear to be closing the deal.
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DIVE DEEPER
Speculation about Andretti takeover of Sauber
At the Turkish GP in Istanbul Park, news was first leaked that 1991 IndyCar champion Andretti, along with a group of investors, had made an offer to the Swiss owners of Alfa Romeo Sauber.
Car owner Michael Andretti, left, speaks to driver Fernando Alonso, Spain, during a training session for the Indianapolis 500 IndyCar car race at Indianapolis Motor Speedway, Thursday, May 18, 2017, in Indianapolis. (AP Photo / Michael Conroy) ORG XMIT: NAA115
On the Wednesday before the United States Grand Prix, Andretti Autosport announced via Twitter that there will be news soon. People began to speculate that the takeover would soon be complete and that American driver Colton Herta would be placed in second place alongside Valtteri Bottas. The 21-year-old American finished the IndyCar series in fifth place this year and also secured three wins for the Andretti Autosport team.
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Although many in the paddock still believe that the sale of Alfa Romeo Sauber to the Americans is a done deal, Michael Andretti’s plan seems to have failed for the time being. According to information from auto-motor-und-sport.de, investors shied away after realizing how much money they would have to raise for the takeover.
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 Formula 1 team .. “
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The sale price for Alfa Romeo revealed
In addition to a purchase price of 350 million euros, there will also be a bank guarantee for a further 250 million euros. The total is 600 million. The bank guarantee is intended to ensure the functionality of the team for the next five years. The 50 million year guarantee is designed to bridge the gap between team income and entry budget if enough sponsorship money is not found. The current owner wants to ensure that Sauber falls into serious hands.
Formula 1 F1 – Dutch Grand Prix – Circuit Zandvoort, Zandvoort, Netherlands – September 4th, 2021 Alfa Romeo’s Robert Kubica during practice REUTERS / Benoit Tessier
However, some of the rumors about the takeover were pretty dubious anyway. It was rumored that Andretti Colton wanted to use Herta in the first free practice immediately after the announcement.
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That will not be possible, because the 21-year-old American first has to cover 300 km in a Formula 1 car in order to be able to take part in a Grand Prix, regardless of the number of super license points Herta has. In addition, Herta only has 32 points in his super license, while he needs 40 to be able to drive in F1. So what’s in store for the Swiss team in Formula 1? Only time can tell.
The post “Does the name Sauber mean nothing?” – 600 million euros allegedly turned out to be a stumbling block in the Andretti F1 buyout first appeared on monter-une-startup.
