BMW sells F1 team back to founder
By Daniel Schäfer in Frankfurt
Published: November 27 2009 15:26 | Last updated: November 27 2009 15:26 BMW
on Friday sold its Formula One BMW Sauber team back to its founder, Peter Sauber, scrapping a planned deal with Swiss-based group Qadbak Investments.
The German carmaker said it had had agreed on a sale to Mr Sauber in a move to secure the future of the Formula One team, which has failed to play at the top level this season.
“The contract is subject to the condition that the team has a starting place for the 2010 Formula One season,” BMW said.
The carmaker decided to pull out of F1 this summer amid a lack of performance, a drive to cut costs and a green marketing campaign. It had planned to sell the team to Qadbak, a Swiss-based group funded by ìnterests in the Middle East.
The team wanted to take Toyota’s slot in F1 after the Japanese carmaker also decided to pull out. But Fédération Internationale de l’Automobile, the motor sport’s world governing body, had been reluctant to open the door to the team amid concerns about the reliability of the deal.
Mr Sauber said this week’s agreement would secure the future of the team’s Hinwil factory, even though its workforce would have to be reduced from 388 people to around 250. source:http://www.ft.com/cms/s/0/3168339c-d...nclick_check=1