American investors to rescue Sauber

[Guest]

Caps lock is activated.

[John S]

This explains the delay in the FIA sorting out the Sauber(BMW) teams entry for next year.

OneStopStrategy.com Thursday, 26 Nov.

With the Qadbak buyout reportedly in tatters, another investor is set to step in and rescue the Sauber team, according to Germany's Auto Motor und Sport.

It was reported this week that, in the wake of BMW's withdrawal from F1, the Qadbak takeover was the poorly funded brainchild of convicted fraudster Russell King.

The collapse of the Qadbak deal would explain the FIA's reluctance so far to grant Sauber the thirteenth guaranteed slot on the 2010 grid, vacated when Toyota announced its decision to leave formula one.

But Auto Motor und Sport insists there is still hope for the Hinwil based team, in the form of American investors.

The report did not name the investors, but said they are "known" and would be welcomed into the paddock by Bernie Ecclestone, who is keen to bring the US back to his annual race calendar.

[Williamsfan]

This Qadbak thing seems like it has done Sauber more harm than good, I can only hope that someone else does come in to save them. 

[Dare]

agree sale of F1 team to Peter Sauber
Friday 27th November 2009
 
BMW have agreed the sale of their Formula One to Peter Sauber after the deal with Qadbak Investment failed to materialise.


On Friday, BMW confirmed that Sauber, who already owns a stake in the BMW-Sauber F1 team, would take complete control of the outfit, which prior to BMW's involvement had belonged to him.


The deal, though, depends on a decision from the FIA regarding whether or not the team will get a slot on next year's grid.


Having failed to sign the new Concorde Agreement, which was concluded just days before BMW announced that they would withdraw at the end of the season, the BMW-Sauber team is not guaranteed a place on the 2010 grid.


However, the decision by Toyota to leave F1 has opened up a space up on the grid which Sauber is confident he will be given.


"I am very relieved that we have found this solution," he said of the sale. "It means we can keep the Hinwil location and the majority of workplaces.


"I am convinced that the new team has a very good future in Formula One, 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. I would like to thank BMW for four shared years that have in the main been very successful."


Dr Klaus Draeger, a member of BMW's management board added: "We are very happy with this solution. 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. We would like to express our thanks to Peter Sauber and the whole team for the excellent cooperation during the recent four years."


The two parties also confirmed that the sale of the team to Sauber will see personnel cuts from the current level of 388 to around 250 employees, adding that restructuring of the team and compliance with future framework conditions have made this essential.

[John S]

Good to see peter has changed his mind about taking on the team, it's the best thing to happen since BMW decided to quit.

[cosworth151]

I'm glad to see Peter Sauber back, too. He's always been an asset to the sport. I just hope he has time to get things sorted out by next season.

[Scott]

Good to see peter has changed his mind about taking on the team, it's the best thing to happen since BMW decided to quit.

Sauber never changed his mind - he wanted the team back from the day BMW announced their pull-out.  The problem was that BMW was asking more money than Sauber had, or could put together in the few days they gave him.  Obviously they realized that there was no point in trying to recoup some of their investment on the final sale.  As far as I know, Sauber has not had to line up outside investors.  

It's fantastic news and all over the press here in Switzerland.  

I wonder what Theissen is going to do.  I hope Sauber offers him a percentage in the team to stay on.

I hear Quick Nick hasn't signed with anyone yet...and I know he likes living in Switzerland, not far from Hinwil, so...