BMW to sell F1 team back to Sauber
November 28, 2009
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BMW have announced on friday that they have reached an agreement with Peter Sauber regarding the sale of the BMW Sauber F1 team. However, the sale is subject to the team being granted a slot for the 2010 season. This means that the planned sale to Qadbak Investment Ltd. will not be completed.
As part of the agreement, personnel will be cut from 388 to 250 employees. Also, because of the restructuring of the team, further redundancies cannot be ruled out in the future.
BMW had previously bought the team from Sauber in 2005, who had founded the team in 1993.
“I am very relieved that we have found this solution,” said Peter 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.”