Sauber buys back BMW F1 team

Racing | November 27th, 2009 by 5
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BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW Sauber F1 Team. The contract is subject to the condition that …

BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW Sauber F1 Team. The contract is subject to the condition that the team has a starting place for the 2010 Formula 1 season.

Dr Klaus Draeger, Member of the Board of Management of BMW AG with responsibility for Development, stated this morning: “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.”

Peter 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.”

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This means that the sale to Qadbak Investment Ltd. that was initially planned will not be completed.

A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees. 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. At this moment in time, due to the aforementioned restructuring of the team, it is not possible to exclude the possibility of further redundancies in the near future.

5 responses to “Sauber buys back BMW F1 team”

  1. Tom says:

    Great news! Good luck Sauber.

  2. Giom says:

    I’m releaved about this one. Good one BMW… good luck Sauber!

  3. xcpac says:

    I was a true and true fan of BMWSauberF1Team, and I was very sad when I knew the F1 project was cancelled. I even felt a little angry against BMW for quitting the pinnacle of motorsporsts. But later I realized that we cannot escape reality about the economic situation and the fact that Formula 1 is increasingly becoming archaic in terms of economy and the environment. And since my relationship with BMW goes back some 17 years – even working for BMW at the beginning of this decade – I still love BMW as always have. I like Formula 1 too, but it will be less interesting to me now. And I am very glad that BMW gave back the team to Peter Sauber, its true and passionate owner. BMW did this right.

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