BMW agree to sell team back to Peter Sauber 27 Nov 2009
BMW announced on Friday that they have reached an agreement with Peter Sauber regarding the sale of the BMW Sauber team. The contract is subject to the squad having a confirmed entry for the 2010 season and means that the planned sale to Qadbak Investment Ltd will not be completed.
The German car maker revealed in July that they would end their involvement in Formula One racing at the end of the year after four seasons in the sport. BMW purchased the team in 2005 from Sauber, who founded the outfit in 1993.
"I am very relieved that we have found this solution, said Sauber. 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, member of the board of management of BMW AG with responsibility for development, 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.
A further agreement with Sauber proposes personnel cuts from the current level of 388 to around 250 employees. Although BMW have said they regret the need for these cutbacks, they have stressed that the restructuring of the team has made them essential.