Vassago wrote: ↑2 years ago
Ralf Schumacher (currently a Sky Germany expert) says Andretti has bought 80% of the Sauber shares. RTL has run this story as well.
Yeah, same is being reported here in our local Motorsport media.
Next gossip will be re Colton Herta I think.... even Mario Andretti has been pushing Herta's boat and saying that the only way American drivers will get into F1 is via an American owned team and that Herta should be there in F1. Mind he also thinks America should have even more races on the F1 calendar, saying F1 wants / needs America. That latter issue all sounds to me like a propaganda mission to drum up some American sponsorship (for an American controlled team) for what I assume will be a done deal with Andretti controlling Sauber.
At least they are starting on a better footing that the last American effort, the stillborn USF1 project.
* I started life with nothing, and still have most of it left
“Good drivers have dead flies on the side windows!” (Walter Röhrl)
* I married Miss Right. Just didn't know her first name was Always
MonteCristo wrote: ↑2 years ago
And apparently now the deal is off?
Yes it seems it is now a 50/50 chance.
Apparently the sticking block now is that Islero (the investment group that currently owns Sauber) feel that the team will be worth more in two years time and might be better hanging on. The main shareholders of Islero are split down the middle, half for it half for staying as is.
It seems that the asking price is now too high, and over the US$250 million that Andretti are said to have offered..
One thing I have noticed is that the report referring to the deal being in trouble is dated pre last weekends race.... that would explain why the Herta driving in FP1 rumour and an announcement never happened.
Also a video report of the breakdown which explains more fully. (And is dated today)
Apparently this breakdown talk all stems from a report in the German Auto Motor und Sport news outlet
* I started life with nothing, and still have most of it left
“Good drivers have dead flies on the side windows!” (Walter Röhrl)
* I married Miss Right. Just didn't know her first name was Always
I don't think China would suffer much even when not hosting a Grand Prix on Zhou's potential watch. It's more important to host a GP for Gulf countries like UAE or Qatar because they have zero chance of finding an F1 driver (unless Ed Jones suddenly waves his UAE license). And Zhou has actually shown some pace in F2.
07.04.1968 - Flower of Scotland when will we see your like again? 01.05.1994 - We'll never forget...
So now the deal might not happen after all. Well we all know these things aren't guaranteed until the names are signed on the contracts, even then they seem to have a way of wriggling out of them if they have a mind to.
It always seemed a little too rich. Andretti’s net worth is estimated at $40M. How does he finance a $600M deal? This is $tuff for slightly fizzy drink manufacturers, it is not affordable for real racers.
Ruslan wrote: ↑2 years ago
It always seemed a little too rich. Andretti’s net worth is estimated at $40M. How does he finance a $600M deal? This is $tuff for slightly fizzy drink manufacturers, it is not affordable for real racers.
Im not sure of the small print but one thing I know is that Andretti had newly created the Andretti Acquisition Corporation and that has previously been considered a key element in funding the deal. One suggestion is that Herta’s sponsor Gainbridge is involved. I do recall reading somewhere their limit of funding was set at US$250 million so I presume that he has a few potential investors (ie Gainbridge +) as banding together to form some form of consortium. As I say not sure of the workings of how it was to be but I have seen many mentions of this Andretti Acquisition Corporation being a key factor.
Everso Biggyballies wrote: ↑2 years ago
I do recall reading somewhere their limit of funding was set at US$250 million so I presume that he has a few potential investors (ie Gainbridge +) as banding together to form some form of consortium.
I remember the figure of $250 million being batted about. That may have been doable. Obviously the Sauber owners thought they could command more. Maybe waiting for a Canadian or Russian billionaire to step up?
The sad thing is that Fomula One teams used to be owned by drivers, former drivers, teams managers from lower formulas, etc. Now…. are there any real racers owning any of these teams?