Official: Sauber announces team buyout

The beginning of the season was difficult for the Sauber team with declining performances and employees being paid late. However, the team’s future has just brightened.

« Monisha Kaltenborn and I signed an agreement on Tuesday that ensures the future of the team in Formula 1 as well as that of the Sauber Group », states Peter Sauber, owner and founder of the team that bears his name.

« I am very happy that my investment to buy back the team six years ago, with the intention of securing the Hinwil factory and its place in Formula 1, has proven to be wise », he continues.

Recall that when BMW withdrew in 2009, Peter Sauber bought back his shares to secure the team’s future on the grid.

Kaltenborn adds: « We are convinced that Longbow Finance SA is the perfect partner to make the team competitive and victorious in Formula 1 again »

The consortium Longbow Finance S.A, specialized in financial investments, has acquired the shares of Peter Sauber, the founder of the eponymous team. The same goes for those held by Monisha Kaltenborn, the current director of the team.

« At the same time, the new structure will finally allow us to further expand our ancillary activities where we market our expertise. This solution is in the interest of our employees, partners, loyal suppliers, for the Hinwil base, and for Swiss motorsport. » concluded Kaltenborn.

The team will keep its name despite Peter Sauber’s withdrawal from the board of directors, he will be replaced by Pascal Picci as chairman. On her part, Kaltenborn retains her position as team principal. Sauber’s statement adds: Longbow Finance SA’s intention is clearly to stabilize the group and lay the foundation for a competitive and victorious future.

Let’s hope that this acquisition is accompanied by an improvement in future seasons for a team whose performance has been continuously declining on the grid year after year.