News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Sports » Indian group keen to buy BMW Sauber F1 team

Indian group keen to buy BMW Sauber F1 team

September 05, 2009 16:34 IST
Get Rediff News in your Inbox:

An Indian consortium has applied to buy BMW-Sauber, which is seeking new backers after German carmaker BMW said it was pulling out of Formula One at the end of the season, domestic media reported on Saturday.

"Indian investors have made an application to purchase the BMW-Sauber team," the Times of India quoted unnamed sources as saying.

The paper said the deal is based around a 50 million euro investment and involved Swiss driver Neel Jani, who currently features in the A1 GP series and whose father is Indian.

An Indian already owns an F1 team with liquor and airline billionaire Vijay Mallya's Force India. However, there is no Indian driver on the grid. Last month, team principal Mario Theissen said BMW-Sauber had several rescue proposals and had applied to keep their place in Formula One next year.

Theissen told reporters ahead of the European Grand Prix in Valencia that he and founder Peter Sauber, who has a 20 percent stake in the team, are evaluating proposals from interested parties.

"There are several interested parties and we are just about to evaluate the individual proposals," he said.

Get Rediff News in your Inbox:
Source: REUTERS
© Copyright 2024 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

INDIAN PREMIER LEAGUE 2024

INDIAN PREMIER LEAGUE 2024