Home Sport news Formula 1 deal Andretti with Alfa Romeo is off the table

Formula 1 deal Andretti with Alfa Romeo is off the table

by archysport

Ian Parkes & Kimberley Hoefnagel

Wednesday, October 27, 2021 13:59 – Last update: 14:13

There has been speculation for some time about a possible takeover of the Alfa Romeo Formula 1 team. GPFans has now learned from a reliable source that the deal between Michael Andretti and the owners of the team is not going through.

Andretti is not an unknown name in motorsport. The American has already taken part in seven different series with his team, including Formula E, IndyCar and recently Extreme E. He has now set his sights on a switch to Formula 1 and has been in contact with this in recent months. the owners of Alfa Romeo. The American would have offered just over $300 million to acquire 80 percent of the shares in Islero Investments. Islero Investments is the company that Sauber acquired in 2016 and now runs Alfa Romeo’s Formula 1 team.

Last week reported GPFans that the negotiations between the two sides had stalled. Although Andretti had made a hefty offer, billionaire Finn Rausing was hesitant to sell his shares. That’s not so crazy either. Globally, the shares of Formula 1 are rising sharply, as a result of its increasing popularity. This could just mean that the team could be sold for an even greater amount over a number of seasons.

no deal

In the meantime, GPFans however understood from a reliable source that the deal is off the table. The reason for this is still unclear, but the expectation is that it has to do with the financial picture. The German Auto Motor and Sport recently reported that Rausing wanted compensation for the team that Andretti seemed willing to pay. In addition, however, Rausing wanted a guarantee of $50 million per year for the next five years. This had to be paid in advance. This would ensure the survival of the team.

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