BMW F1 team sold to Peter Sauber

BMW had originally announced that it will withdraw from Formula One at the end of 2009, and had agreed a deal to sell the team to Swiss company Qadbak Investments. However, that deal had collapsed and BMW has now sold the team back to original owner of the Sauber team, Peter Sauber, who started his team in 1993, and ran it in Formula One until it was purchased by BMW four years ago.

"We are very happy with this solution," said Dr Klaus Draeger, Member of the Board of Management of BMW AG. "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."

Sauber added: "I am very relieved that we have found this solution. 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."

As part of the deal, the Sauber team will announce a reduction in staff, from 388 to 250 employees. However, the deal is subject to the team getting a place on the 2010 grid, with the FIA yet to confirm the team's entry next season.