BMW sells Sauber F1 team to Swiss-based company

While it’s been official for a long time now, BMW’s exit to Formula One has hit the nail in the coffin after the German-based automakers completed the sale of its Sauber F1 team to Qadbak Investments Ltd.

If you haven’t heard of this company before, then you’re not alone.

Apparently, Qadbak is a Swiss-based foundation that represents a number of Middle East and European based families.
It sounds to us that this group has got some well-off backers if they were able to buy the Sauber team from BMW. But yeah, when you say European AND Middle East families, then that sort of gives away the secret, doesn’t it?

Click after the jump for the short press release.

As a result, the old Sauber team will be relocating its headquarters to Hinwil, Switzerland and is now going to be headed by one Lionel Fischer.
The sale has apparently stirred the pot in F1 circles as it’s now looking like the new Sauber is trying to make arrangements with the FIA to return to Formula One as early as next year. Of course, this comes on the same day that Lotus F1 was announced as the 13th team in Formula One, filling out the maximum team slots allotted for the 2010 season.

From what we’ve heard, the FIA is in the process of talking with all the existing teams as to whether they can have space for a 14th team for next year.

We’ll provide further details on whether this new team can make it back to the grid for 2010.

PRESS RELEASE

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.

Source: BMW Blog

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