(AP Photo/Vincent Thian)

LONDON (AP) Peter Sauber made a failed rescue bid for the BMW Formula One ahead of the deadline for teams to commit to the world championship until 2012.

Sauber, who retained a 20 percent stake after selling his Sauber team to BMW in 2005, said Thursday he tried to take charge of the outfit again after the German car maker announced plans last week to pull out of motor sport's premier series at the end of the season.

Sauber said talks with BMW collapsed because the German automaker's demands were "far too high." Teams had to sign the new Concorde Agreement that governs F1 racing by Wednesday.

Read More...