Andretti in takeover talks with Sauber F1 owners

According to media reports, the US-American Andretti Autosport is in takeover talks with the Swiss Sauber, owner of the Formula 1 team Alfa Romeo.

American motorsport website Racer.com reported that “major talks” were scheduled for the US Grand Prix in Austin later this month.

Motorsport.com quoted multiple sources on Saturday as saying that Andretti Autosport is closing a deal to acquire a controlling interest, with talks at a very advanced stage.

Michael Andretti – a former IndyCar champion, Grand Prix racing driver and son of the 1978 Formula 1 world champion Mario – had previously spoken of his interest in acquiring a Formula 1 team.

“There are a lot of reports, rumors and things like that,” the IndyCar team owner, who is also interested in the Formula E and Extreme E electric series and sports cars, told Reuters last month when asked about speculation .

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Racer.com reported that Andretti had also spoken “tentatively” with Williams and Haas, but the talks with Sauber had made progress.

The Andretti family formed a Special Purpose Acquisition Company (SPAC) earlier this year to raise $ 250 million through an IPO.

The United States is a key market for Formula 1, with a new race in Miami next year and a growing audience thanks to the popular Netflix documentary series “Drive to Survive”.

A budget cap introduced this season that will drop to $ 140 million in 2022 and $ 135 million in 2023, and financial obstacles for new teams beyond the existing 10 outfits, make an acquisition even more attractive.

Alfa Romeo team boss Frederic Vasseur was unable to comment on the speculation when asked at the Turkish Grand Prix on Friday.

“I’m CEO and team leader and such discussions are not with me, but with the shareholders,” said the Frenchman.

“We have so many rumors and so on that the question has to be asked of the company’s shareholders.”

Ferrari-powered Alfa, which is ninth in the overall standings, has signed Finn Valtteri Bottas from reigning champion Mercedes for 2022, but has yet to confirm its full line-up