“It is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future,” read a Sauber statement. “This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group.”
Monisha Kaltenborn, who is to continue as team principal and CEO, commented: “We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport.
“We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula One.”
The deal means Sauber remain under Swiss ownership, with Pascal Picci, President and CEO of Longbow Finance S.A., taking over from Peter Sauber as team Chairman.
“As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry,” said Picci.
Peter Sauber added: “I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula One has proved to be correct.”
Sauber, who made their F1 debut in 1993, have been enduring a tough season as management worked on securing the team’s future. They lie 11th in the constructors’ standings, having so far failed to score a point in 2016.