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November 28, 2009

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Home » Sports » Motor Racing

BMW rejects Qadbak, sells team back to Sauber

Source: Agencies | November 28, 2009, Saturday | Print Edition

BMW handed control of its Formula One team back to founder Peter Sauber after cancelling a planned sale to mysterious Swiss-based foundation Qadbak Investments.

"Yesterday, BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW-Sauber F1 team," BMW said. "The contract is subject to the condition that the team has a starting place for the 2010 Formula One season."

BMW said yesterday the agreement meant that "the sale to Qadbak Investment Ltd that was initially planned will not be completed."

It added that a further agreement with Sauber would cut the workforce at the Hinwil factory from 388 people to around 250, with redundancy notices issued yesterday.

The Munich carmaker, which won just one race in its time as BMW-Sauber, warned that further job losses could follow but said it would support the restructuring.

BMW, which bought an 80 percent stake in the Swiss-based Sauber team in 2005, announced in July that it was pulling out of Formula One.

In September, it agreed a deal to sell the team to Qadbak, which was described as representing unnamed Middle Eastern interests.

Qadbak had also bought fourth division Notts County, England's oldest football league club, through its Munto Finance Company.

BMW-Sauber has since lost its guaranteed place on the 2010 starting grid to Malaysian-backed Lotus F1 but was thrown a lifeline by Japanese car giant Toyota's decision this month to also leave the sport.

However, the governing FIA has yet to confirm the team as the 13th entry, amid concerns about finances and individuals linked to the proposed Qadbak takeover.

"We are very happy with this solution," BMW management board member Klaus Draeger said. "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."

Sauber, which first entered Formula One with his team in 1993 and had retained a 20 percent stake after the 2005 takeover, said he was relieved.

"It means we can keep the Hinwil location and the majority of workplaces," 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.

"Our staff here are highly competent and motivated, and I look forward to taking on this new challenge together with them," added the cigar-smoking 66-year-old, who had intended to enjoy his retirement after BMW took over.

The team has yet to name any drivers for 2010.
Motor Racing



 

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