BMW agree sale of F1 team to Peter Sauber

Friday 27th November 2009

BMW have agreed the sale of their Formula One team to Peter Sauber after the deal with Qadbak Investment failed to materialise.

On Friday, BMW confirmed that Sauber, who already owns a stake in the BMW-Sauber F1 team, would take complete control of the outfit, which prior to BMW's involvement had belonged to him.

The deal, though, depends on a decision from the FIA regarding whether or not the team will get a slot on next year's grid.

Having failed to sign the new Concorde Agreement, which was concluded just days before BMW announced that they would withdraw at the end of the season, the BMW-Sauber team is not guaranteed a place on the 2010 grid.

However, the decision by Toyota to leave F1 has opened up a space up on the grid which Sauber is confident he will be given.

"I am very relieved that we have found this solution," he said of the sale. "It means we can keep the Hinwil location and the majority of workplaces.

"I am convinced that the new team has a very good future in Formula One, whose current transformation with new framework conditions will benefit the private teams.

"Our staff here are highly competent and motivated, and I look forward to taking on this new challenge together with them. I would like to thank BMW for four shared years that have in the main been very successful."

Dr Klaus Draeger, a member of BMW's management board added: "We are very happy with this solution. This fulfils the most important requirement for a successful future for the team.

"Our relationship with Peter Sauber has always been excellent and marked by absolute respect. We would like to express our thanks to Peter Sauber and the whole team for the excellent cooperation during the recent four years."

The two parties also confirmed that the sale of the team to Sauber will see personnel cuts from the current level of 388 to around 250 employees, adding that restructuring of the team and compliance with future framework conditions have made this essential.

Your Comments

Norm

"Peter Sauber should talk to Research in Motion, makers of the Blackberry. Jim Balsile, RIM's owner just lost out on buying and moving a National Hockey League team and has a pile of potential sponsorship money available, as well as a product that's sold world-wide and would benefit from the exposure.

If RIM chose to either sponsor or buy into Sauber, it could be a win/win situation."

geoff1

"I cant see why the FIA aree holding up on this anymore. It is now end of Nov, any new team will not be prepared in time, where Sauber is already to go. This is what hacks me off about the FIA, they have a legitimate team ready to go and they hold up over red tape. Who cares if the Agreement was not signed, give it to PS and he will sign it. The man has a team that wants to race and a proven history. FIA just give PS the spot and let everyone concentrate on March 2010"