Sauber to buy back F1 team 30/11/2009 |
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BMW has agreed to sell its Formula One team back to Peter Sauber rather than Swiss group Qadbak.
Sauber, who sold his team to BMW in 2005 but retained a 20% stake, will take back complete control providing the team is granted a place on the grid next season.
BMW lost its guaranteed slot after failing to sign the Concorde Agreement in July but a spot has since opened up following Toyota’s decision to quit the sport.
The FIA will confirm the 13th team today (November 30) but it is likely Sauber’s entry will be accepted and he said: “I am convinced that the new team has a very good future in F1, whose current transformation with new framework conditions will benefit the private teams.”
BMW board member Klaus Draeger added: “We are happy with this solution. Our relationship with Peter Sauber has always been excellent and marked by absolute respect.”
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