As for Sauber itself, it’s a far better potential acquisition than many realize. Since BMW quit F1 at the end of 2009, with the Sauber team eventually holding onto existence after founder Peter Sauber re-acquired control having always maintained a stake even during the German manufacturer’s ownership of the team, it has had a tough time. Longbow Finance acquired the struggling team in July 2016 (it was later reorganized under the Islero Investments holding company) and has been playing catch-up ever since.

“The last big overhaul of the regs was 2017 and Sauber was another company that started the season with the one-year-old [Ferrari] engine and a car that had a performance far from the optimum, which we are still paying the price for,” technical director Jan Monchaux told me in an interview earlier this year.

“With the new rules, it makes it very hard if you start a new regulation cycle on the back foot. Our focus is to try everything we can to deliver the best possible car and put ourselves in a much better situation from the very beginning of the new regulations and not start on the back foot, 2.5-3% away and running behind like the last five years.”

Next year really is a fresh start for Sauber, with the signing of Valtteri Bottas a statement of its intent to take a step forward. While it would be fanciful to expect Sauber to be up there fighting for wins next year, it can at least aspire to move a little up the order. As one of F1’s smaller teams, it’s not having to go through the challenge of cutbacks thanks to the introduction of the cost cap, so should be able to work up to it, and it does have some accomplished personnel and facilities. That said, its location in Switzerland doesn’t always mean it has an easy time recruiting, and it was clear any deal would not lead to the team relocating.

Its windtunnel, originally built to a high standard by the proceeds of selling a young Kimi Raikkonen’s contract to McLaren ahead of the 2002 season, is still up to the task. What’s more, it is also part of the wider commercial proposition of Sauber as it does plenty of aerodynamic work for other companies – Audi, for example, used it for its successful run of Le Mans prototypes. On top of that, it has good CFD facilities to complement that, so it has a lot of what is required to be a good grand prix team. Of course, they can always be improved, but Sauber won’t require vast investment on massive infrastructure projects.

The one area where Sauber has lagged behind has been the driver-in-loop simulator, which is now up and running but still going through the phase of being fully understood. This is a sign of the kind of investment the current ownership has been willing to put in – and is keen to see the benefit of as more than just a 20% owner.

A relatively transparent financial structure and the realistic potential to (eventually) build a competitive organization makes this the perfect time for aspiring F1 team owners like Michael Andretti to look for a way in – but it also gives current owners greater incentive to hold on to their investment. Barry Cantrell/Motorsport Images

But while the foundations are reasonable, that doesn’t mean all is well at Sauber. Its recent seasons have been disappointing, with last year badly hit by the underperformance of the Ferrari engine, while in 2021 it has only managed to score seven points. The C41 started the season as a solid enough car but one that didn’t have the levels of downforce needed to be in the front group in the midfield, and as the season has gone on, attempts to improve the aero appear to have made the car a little trickier to drive.

What’s more, there have been far too many mistakes. There have been countless errors this season, but perhaps the one that encapsulates the team’s season was in Spain, where the right strategic call was made to bring Antonio Giovinazzi in under an early safety car, only for a deflated left-front tire to be brought out. He was then given the wrong safety car delta time when he returned to the track, meaning he wasn’t able to catch the pack, and any vague hope of points had evaporated. So it’s fair to say that Sauber hasn’t been living up to even its limited potential this season.

Sauber will need time and investment to get back to a level where it can realistically be expected to contend for podium finishes and even victories, but it at least has the foundations built. That’s why those suggesting Andretti should look at a startup should think again, given the vast resources and enormous lead times needed to do this. For anyone wanting to come into F1, a team like Sauber is a good place to start.

But that’s exactly why a deal didn’t happen. If there are no teams with motivated sellers, the price will inevitably be high and for Rausing, who has owned Sauber for five years and could be on the brink of seeing meaningful returns, why would it make sense to sell now? As for Andretti, if the deal had been done, it would have the foundations to build on and emerge as a serious contender in the medium-term.

F1 has changed, and we will likely see more situations where aspiring owners believe they are getting towards a deal that fails to come to fruition. Andretti almost got in at the perfect time, and should be commended for getting at least part way down the road to doing so before it all fell apart.