The BMW Sauber team has been saved after its German carmaker owner agreed a deal for the sale of the outfit to a Swiss-based investment group.
BMW announced on Tuesday that Qadbak Investments Ltd, a group which "represents the interests of certain Middle East and European-based families", had agreed to buy the Hinwil-based team and that a deal for the takeover had been signed today.
The German manufacturer has been searching for a new owner for the team it bought from founder in Peter Sauber in 2005 since July having unexpectedly decided to quit Formula 1 at the end of the season owing to a “strategic realignment”.
Announcing the sale in a statement, BMW added that it was confident Qadbak Investments – which recently took over English football league club Notts County – represented a "strong investor" for the team's future.
"The contract was signed today (Tuesday)," BMW said, although it did not reveal the fiancial details of the deal.
“A strong investor has therefore been found for the Hinwil-based team.
“Qadbak´s interest in the team will be represented by Lionel Fischer, a Swiss national.
“BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.”
However the BMW team in its new guise is not yet guaranteed a position on the 2010 grid, the confirmation of the sale coming just hours after the FIA announced the Malaysian-funded Lotus F1 team had beaten it to the vacant 13th slot.
The governing body did, however, put the Hinwil team in a standby ‘14th position’ should any other vacancies arise, while adding that it would speak to the confirmed teams in any case to push for a further squad to be included on next season’s already expanded grid.
BMW Sauber had to reapply for a position on the 2010 grid after its current carmaker owner failed to sign the new Concorde Agreement which would have committed it to the sport for a further three years.
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