The latest rumor in the Formula 1 paddock is the possible take over of the Sauber Formula 1 outfit by an unnamed American company. Apparently the buyout by Qadbak following BMW’s withdrawal has backfired. According to some reports, the man behind Qadbak’s move is Russell King, a convicted con-man.

The take over was also poorly funded which is why the FIA and other Formula 1 teams are very reluctant in giving the team the green light to race in 2010, even when Toyota has left an empty seat after its departure.

According to Auto Motor and Sport, there is an unnamed American company that is likely to make a move for a take over. Although unnamed, it claims that the company in question is known and would be very much welcomed into the sport by Formula 1’s “godfather” Bernie Ecclestone. Sauber would become the thirteenth team for next season if everything goes well.