F1 boss Bernie Ecclestone has abandoned plans to buy Swedish carmaker Saab from US giant General Motors.
Ecclestone and partner Genii Capital, who recently acquired a stake in the Renault
F1 team, withdrew from the race to acquire the manufacturer on Monday.
"Genii Capital concluded today that the timing of the bidding process for Saab is incompatible with implementing a solid business platform for the future," it said.
The full statement to the media read:
"Following a period of intensive study and evaluation, Genii Capital is now in a position to release its conclusions on the situation of Saab Automobile AB.
"Saab is an exclusive brand with strong potential, based on the capabilities of a highly skilled workforce. This attracted Genii Capital to the opportunity to acquire a majority stake in Saab, based on implementing comprehensive, innovative industrial and financial foundations for the future in order to best meet the challenges the company will face in the future.
"Genii Capital was brought into the year-long bidding process for Saab just three days before the closing deadline. During this year, Saab Automobile AB had been engaged in a partial shutdown process as a result of the length of the negotiations.
"Genii Capital is in a position to move quickly and aggressively, but building solid partnerships for the long term demands both time and intensive work. Unfortunately, Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction.
"Genii Capital would like to extend its thanks to: its partners for their enthusiastic, dynamic and sincere commitment; those parties, especially from Sweden, who aided us in understanding the situation of Saab Automobile AB; GM for its cooperation and concern for the successful future of Saab Automobile AB.
"Genii Capital wishes Saab Automobile AB and its workforce a bright future and will continue to monitor with interest the company's situation."
Meanwhile, GM has now reached a 'binding agreement' with Spyker, which will see the Dutch sports carmaker acquire Saab for USD 74 million. The deal is expected to close in February.