Sauber secure F1 future as team announce change of ownership
Sale to Swiss investment firm sees founder Peter Sauber retire from all functions; Monisha Kaltenborn remains as team principal
Monday 25 July 2016 12:00, UK
Sauber have announced that they have been sold to Swiss investment company Longbow Finance in a deal which secures their F1 stay.
The cash-strapped team have endured a turbulent year both on and off the track and have struggled to pay staff due to their financial difficulties, while their long-term future in the sport was doubted.
Team principal Monisha Kaltenborn had been hopeful that investors were forthcoming and Sauber confirmed a change of ownership on Tuesday, having operated as an independent outfit since 2009.
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The deal sees founder Peter Sauber retire from all functions with Pascal Picci of Longbow Finance succeeding him as chairman, though the team will keep the same name.
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Kaltenborn also keeps her job, while the investment firm state that it is their "clear intention to stabilise the group and create the basis for a competitive and successful future".
Sauber, who first owned the team from 1991-2005, said: "Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group.
"I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula 1 has proved to be correct."
Felipe Nasr and Marcus Ericsson will at least see out the 2016 campaign with the Swiss team, with the former admitting he would not make a decision on his future until the money worries were over.
Kaltenborn has now set out her plans to make Sauber, whose only F1 victory came from Robert Kubica at the 2008 Canadian GP, successful in the sport once again.
"We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport," she said.
"We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1.
"This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport.
"We are very grateful that Longbow Finance S.A.believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future."
