Financially troubled team Sauber have managed to secure funding which sets up the future of the team.
Swiss firm Longbow Finance AG have stepped in and taken over Sauber Holding AG – the holding company of the Sauber Group – and relived Peter Sauber of his controlling 60 per-cent share in the team, who will retire and relinquish his role as president of the board of directors.
“Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group,” said Peter Sauber. “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.”
Sauber say the move will not include any name changes but will “secure the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group.”
Team Principle Monisha Kaltenbourn, who will keep her 30 per-cent stake in the company, said: “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. We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1.”