Michael Andretti names “control problems” in the 11th hour as a deal breaker in F1 Sauber / Alfa Romeo talks – The Athletic

Michael Andretti said that “control problems, not financial problems, have undone a potential deal to acquire a controlling stake in the Sauber-run Alfa Romeo F1 team of Formula 1.”

“I just want to put an end to some of those rumors that the deal failed for financial reasons,” Andretti said on Thursday. “That couldn’t be further from the truth. It had nothing to do with that. It was essentially about control issues in the final hours of the negotiations. That ruined the deal. “

Andretti wondered when Andretti Steinbrenner introduced Autosport to Devlin DeFrancesco as the next IndyCar # 29 driver. The 21-year-old DeFrancesco finished second overall on his Road to Indy / Indy Pro 2000 debut in 2020 with Andretti Steinbrenner Autosport and took two podiums and nine top five finishes in Indy Lights in 2021, one of more than half a dozen Series where Andretti Autosport runs a racing program.

Andretti, 59, reportedly wanted to acquire an 80 percent majority stake in Islero Investments, Sauber’s control company founded by owners Longbow Finance.

“It had nothing to do with finances or anything,” he said. “Unfortunately, at the eleventh hour, the control problems changed and it was a deal we had to step back from because we couldn’t accept it.

“I’ve always said that we only do it when it’s right for us, and in the end it wasn’t right for us.”

When asked by The Associated Press whether he was asked to buy the team but not control it, Andretti replied, “Basically.”

In his more than two decades as a driver, Michael Andretti won more races (42) than any other driver in Championship Auto Racing Team (CART) history and led 6,702 laps in the IndyCar series during his driving career, only after his father Mario .