Sauber’s Russian rescue package on the brink of collapse

Sauber's Russian deal hits snag

Sauber’s Russian deal hits snag

It has now emerged that Sauber’s supposed ‘Russian rescue deal’ is on the verge of collapse as board members of a vital link to the package have voted against the investment.

A week ago, amid reports that various Russian entities had saved the Swiss team with promised millions, boss Monisha Kaltenborn admitted that there was a delay.

That holdup could now run Sauber off the road, with Die Welt newspaper saying that Ferrari has threatened to cut off the supply of customer engines unless part of an unpaid bill is paid immediately.

The latest news is that, with Formula 1 tyre supplier Pirelli also not paid in 2013, “The time bomb is ticking”, according to Bild correspondents Helmut Uhl and Frank Schneider.

The newspaper claimed on Sunday that the entire Russian deal could now collapse, due to “uncertain prospects” for Oleg Sirotkin.

Sirotkin, who heads up Russia’s National Institute of Aviation Technologies (NIAT), is vital to the deal, with his 17-year-old son Sergey also scheduled to make his Sauber debut in 2014.

Bild newspaper reported on Monday that Sauber’s worsening situation had taken yet another “dramatic” turn, with potential “insolvency” now looming.

“The Russian sponsor rescue could fail,” the latest media report read.

“According to our information, the NIAT board has voted by large majority against the € 400 million investment,” added Bild. (GMM)

Subbed by AJN.

  • innocent bystander

    well, that’s the end, I guess. They have debts to so many people, it’s very bad. Without the russian cash, they can’t pay anything back or go anywhere.

  • PB

    Who would trust a Russian investment in an F1 team in future. Peter Sauber will have to look elsewhere for investment – unfortunately.

    Time to question if there will be an F1 race in Russia in 2014. Omega and RAF seem to be on different paths. I wonder who controls the purse strings?