Sauber has announced that Swiss-based investment firm Longbow Finance has fully acquired the Formula 1 team which will result in Peter Sauber retiring from the business he started
Sauber has been ravished by financial uncertainty for a number of years and were late paying staff earlier this year. The team has also dropped to the back of the F1 pecking order, and is the only team not to have scored a point so far this year.
Longbow Finance, headed by Pascal Picci, aims “to stabilise the group and create the basis for a competitive and successful future.”
Picci will replace Sauber as Chairman, while Monisha Kaltenborn will continue on the board and in her roles of CEO and Team Principal.
“Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group,” Sauber said in a statement.
And added, “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.”
Kaltenborn commented, “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.
“At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how.”
“This [new ownership] solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport.
“We are very grateful that Longbow Finance S.A.believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future,” added Kaltenborn.
Sauber’s company and team names will not change.
Read the full story at GRAND PRIX 247
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