The BMW Sauber team has announced that it has failed to sign up to the new version of the Concorde Agreement after being unable to reach a deal with a possible buyer.

BMW revealed late last month that it was to quit F1 at the end of the current season, with the announcement coming just before the remainder of the field agreed to an update version of the Agreement which details how F1 is run.

With the search underway to find a buyer to save the team - in the same way Ross Brawn saved the Honda F1 outfit - the team has set itself a deadline of Wednesday to sign up for the Concorde Agreement but due the short amount of time available, was unable to put its name to the document.

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Despite that, BMW motorsport chief Mario Theissen insisted work to find a buyer for the team was ongoing and said the German manufacturer would continue to work hard to find a solution.

"Since the announcement on 29 July of our strategic realignment, we have done everything in our power to reach a rapid agreement on the sale of the team based at Hinwil," he said "Regrettably, despite every effort, this has proved unsuccessful. 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. This means the team cannot sign the Concorde Agreement at present.

"The aim now is, over the coming weeks, to find a solution together with potential interested parties and Peter Sauber. Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment."