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Andretti F1 bid on hold despite $300m+ Sauber offer

Andretti F1 bid on hold despite $300m+ Sauber offer

F1 News

Andretti F1 bid on hold despite $300m+ Sauber offer

Andretti F1 bid on hold despite $300m+ Sauber offer

Michael Andretti's move to acquire a majority stake in Sauber has hit a roadblock as the company behind the organisation is stalling on whether to accept his bid.

GPFans Global understands Andretti has tabled a significant offer of just over $300m for an 80 per cent share of Islero Investments.

The Swedish-owned Swiss-based company was set up by Longbow Finance that bought Sauber from then founder and co-owner Peter Sauber in 2016 and that now runs the Alfa Romeo F1 team.

Andretti had hoped such a figure would be enough to tempt Swedish billionaire Finn Rausing into parting company with his shares.

It is understood, however, opinion within Islero Investments is divided over whether to accept Andretti's proposal, so leading to a stall in negotiations.

The feeling within the company is that with F1's stock rising globally, the team could be sold for a more sizeable figure in another two or three years.

Andretti had initially hoped to confirm the takeover had been completed, and with it Colton Herta named as team-mate to Valtteri Bottas for next year, at this weekend's United States Grand Prix.

But until Rausing and his fellow board members reach a consensus as to the way forward, an announcement is on hold.

If the deal is accepted, it would be the latest move for Andretti Autosport that already competed in seven different series, including IndyCar, Formula E and Extreme E.

The purchase of an already established team effectively represents a cut-price way into F1 for Andretti.

At present, any new team wanting to enter F1 must pay a fee of $200m to prove their intent. In addition to the associated spend in setting up an organisation from scratch, a prospective owner is looking at total costs of around $500-600m.

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