Michael Andretti's rumored takeover of Sauber's Alfa Romeo Formula One team will not move forward as the team and Andretti could not reach an agreement, according to RaceFans.net's Dieter Rencken and Keith Collantine.
According to Auto Motor und Sport, Andretti would have needed to pay a bank guarantee of $250 million to operate the team for the next five years on top of a rumored $350 million purchase of the team.
“We have no comment to make about these rumours,” an Alfa Romeo spokesperson told RaceFans. “Any discussion, past, present or future in relation to the ownership of the team is the responsibility of the shareholders and not something about which the team will offer any statement.