Official: BMW sells its F1 team to Peter Sauber

BMW has agreed to sell its Formula 1 team to Peter Sauber, on the condition that the team is present in 2010. The initial sale intended for Qadbak Investment Ltd did not materialize. The German car manufacturer announced earlier this year that it was withdrawing from Formula 1 but had reached an agreement with the Swiss company Qadbak, which was supposed to lead the team in the future.

However, BMW announced on Friday that the transactions with Qadbak would not be finalized. Instead, the automaker sold the team to Peter Sauber, who founded his F1 team in 1993 before being bought out by BMW four years ago.

“We are very satisfied with this solution,” said Dr. Klaus Draeger, Member of the Board of Management at BMW. “It thus fulfills the most important condition for a prosperous 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 entire team for their excellent collaboration over the past four years.”

Sauber added: « I am very relieved to have found this solution. This means we can keep the Hinwil base and the majority of the workplaces. I am convinced that the new team has a very good future in Formula 1, whose ongoing transformation with new rules will benefit private teams. »

« Our staff is very competent and highly motivated. I am eager to take on this new challenge with them. I want to thank BMW for these four years where the work has been very fruitful. »

This new agreement with Sauber proposes a reduction in staff from 388 people to around 250 employees. However, the future of the team in Formula 1 remains unclear as the FIA still needs to confirm its spot on the grid for 2010.