Filed under: Motorsports
The future of Sauber F1 looks a little more secure. After BMW's announcement earlier this year that it would withdraw from its involvement in Formula one at the end of the 2009, the automaker has reached a deal to sell the team back to eponymous founder Peter Sauber.
The new deal comes just days after it became clear that the previously unknown Qadbak investment company that had a deal to buy the team may have in fact been nothing more than a scam. According to previous reports, Qadbak apparently just wanted to collect Sauber's share of the F1 commercial money.
Peter Sauber has apparently raised the financing to buy back the team he sold to BMW in 2005 although the announcement does not disclose the purchase price. The team is being restructured in accordance with new F1 rules designed to bring down costs, and the staff at team headquarters will be cut from the current 388 to 250, with the first batch of layoff notices landing in inboxes today.
[Source: BMW]Continue reading BMW reaches agreement to sell F1 team back to founder Peter Sauber
BMW reaches agreement to sell F1 team back to founder Peter Sauber
originally appeared on Autoblog
on Fri, 27 Nov 2009 18:02:00 EST. Please see our terms for use of feeds
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