BMW sells Formula 1 team back to Peter Sauber
By Andrew C., 26 Aug, 2010. 0 Comments
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Rather than to Swiss company Qadbak Investment Ltd., BMW's Formula One team has been sold back to Peter Sauber. BMW sold it on condition that the team should have an entry for 2010. It has been reported earlier that BMW has agreed on a deal with Qadbank for it to run the team in the future but last Friday, BMW disclosed that the deal has been canceled. Peter Sauber found the team in 1993 and led it until BMW purchased it four years ago. Sauber expressed relief that this solution was arrived at. He said that it means the Hinwil location and the majority of workplaces can be kept. He said that he remains convinced that the team has a "very good future" in Formula One. He talked about the race's current transformation with the new framework conditions that will benefit the private teams. Unfortunately, this leads to a further agreement with Sauber proposing personnel cuts from 388 employees to only 250 left. Since the FIA has yet to confirm its grid slot for 2010, the future of the team in Formula One is actually still unclear.
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