A takeover of Formula 1 team Alfa Romeo by Michael Andretti seemed increasingly certain, but the takeover failed. The negotiations broke down due to a difference of opinion, the American explains.
According to Michael Andretti, the acquisition was not thwarted by the financial investment needed to take over Alfa Romeo . The American had planned to buy a majority share in the Formula 1 team, but due to a disagreement over the management of the team, the plans are now definitively canceled.
“I want to put an end to some rumors,” Andretti said. “The rumors that the deal fell through due to financial reasons couldn’t be further from the truth. This had nothing to do with it.” The American explains that at the very last minute the negotiations broke down.
“Basically, there was a disagreement over who controls the team, this happened in the final hours of the negotiations. That’s ultimately what made the deal not go through. I’ve always said that if it doesn’t look right , we don’t do it. And this happened.”
Andretti does not rule out the possibility of other options to enter Formula 1 in the future. “We continue to look at other options,” he says. “We couldn’t accept the proposed deal, it just wasn’t the right option for us at the moment.”