Just hours after the FIA announced that the team did not have a guaranteed slot on the 2010 grid BMW has confirmed that the Sauber team has been sold.
The buyers are the mysterious Qadbak Investments, a Swiss-based fund that is backed by money from Qatar, including it is believed from the royal family. Qadbak’s highest profile involvement thus far is in British soccer club Notts County.
The news that the team has been saved makes BMW’s decision not to sign the new Concorde Agreement look even more foolhardy, because to get onto the grid next year it is now relying on someone else not making it or the FIA being able to change to rules to allow a 14th team.
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”. A statement from BMW said: ‘BMW AG, based in Munich, Germany, is pleased to announce today that Qadbak Investments Ltd, a Swiss-based foundation which represents the interests of certain Middle East and European based families, has agreed to purchase the BMW Sauber F1 Team, based in Hinwil, Switzerland.
‘The contract was signed today (Tuesday). 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.
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