It’s the 6th August 2009 and this is F1Minute.

Last week, BMW confirmed they were quitting F1 at the end of the year. It’s been mostly quiet since then, with a solution hoping to be found before today - the deadline to sign the Concorde Agreement. That hasn’t been possible and Mario Theissen says: “The tight timeframe we faced simply did not allow us and the interested parties and investors enough time to find a solution for such a complex transaction.” Meanwhile, Peter Sauber wanted to takeover the team, but says BMW wanted too much for the deal. He says: “I am incredibly disappointed and disconsolate. For me this is the bitterest day in my 40-year career in motor sport. It is also a devastating setback for the team. Other solutions must now be sought. The responsibility for that lies in the hands of BMW. Needless to say, I am willing to help, as before." It looks like for now we must continue to wait and see.

That’s all for now, I’ll be back tomorrow with another F1Minute.