Sauber buys team back from BMW
#1
11-27-2009, 07:36 PM
Sauber buys team back from BMW
Formula One news: Sauber buys team back from BMW - GPUpdate.net Formula One
BMW has revealed that it sold its Formula 1 team back to former owner Peter Sauber on Thursday. As a deal with Swiss investments firm Qadbak was apparently not fully completed, the Sauber name is now likely to return to the sport next season.
With Sauber having been bought by BMW at the end of 2005, Swiss businessman and former team owner Peter Sauber remained a shareholder of the Hinwil outfit, which had seemingly been purchased this year by Qadbak; with that deal supposedly not fully confirmed, though, the Sauber name could now be back on the grid as a team in 2010.
"I am very relieved that we have found this solution," Peter Sauber commented. "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 1 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."
'A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees,' BMW's Friday statement reads, with more job cuts being possible at a later date. 'The restructuring of the team and compliance with future framework conditions have made this essential. Notices of redundancy have therefore been issued today. BMW AG regrets the need for these personnel cutbacks and will support the restructuring.'
With Toyota's departure having left the final 13th entry free, a return for the established Sauber would confirm a 26-car grid for 2010.
BMW has revealed that it sold its Formula 1 team back to former owner Peter Sauber on Thursday. As a deal with Swiss investments firm Qadbak was apparently not fully completed, the Sauber name is now likely to return to the sport next season.
With Sauber having been bought by BMW at the end of 2005, Swiss businessman and former team owner Peter Sauber remained a shareholder of the Hinwil outfit, which had seemingly been purchased this year by Qadbak; with that deal supposedly not fully confirmed, though, the Sauber name could now be back on the grid as a team in 2010.
"I am very relieved that we have found this solution," Peter Sauber commented. "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 1 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."
'A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees,' BMW's Friday statement reads, with more job cuts being possible at a later date. 'The restructuring of the team and compliance with future framework conditions have made this essential. Notices of redundancy have therefore been issued today. BMW AG regrets the need for these personnel cutbacks and will support the restructuring.'
With Toyota's departure having left the final 13th entry free, a return for the established Sauber would confirm a 26-car grid for 2010.
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