The struggling Sauber team have announced they have been taken over by Swiss based investment firm Longbow Finance.
After months of speculation and news about lack of funds to go racing, the new investment also comes with the news that founder Peter Sauber will be stepping away from all activities.
The entrepreneurial ex car sales man (not unlike a certain 4 foot ‘ring’ master), has had a lengthy involvement in F1. Having started out in sports car racing- famously giving a young up and coming moustached German by the name of Herr Schumacher, his break in a Mercedes powered prototype. Peter got involved with the pinnacle of motorsport by the 90’s teaming up with Harvey Postlethwaite of Hesketh and Ferrari fame. Always admired by fans as a plucky underdog, Sauber have endured ever since.
Peter famously saved his team from disaster once before however. Back in 2006 he sold his team lock stock to BMW to compete in F1 as their factory outfit but felt compelled to buy it back when the German marque pulled the plug on their F1 efforts in 2009.
It now seems that Peter feels it’s time for a second crack at retirement negotiating a deal so that the Hinwil based teams future seems secured. A move that will see Monisha Kaltwnborn remain as team principal and CEO.
Sauber said: “Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group.
“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 added: “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 solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport.”
Investment company ownership worked so well for Enstone…….
Lets pray that BMW comes back and buys the team like Renault did at Enstone so we don’t see Sauber disappear once the bankers get sick or pumping in money
Bmw wants in at le mans if the rumours are true. And bmw wants to stay away from f1 as far as possible
I hear the same rumblings at this side of the fence, once bitten…and sadly for F1 another works team denied. I would love to see just what BMW have planned for the endurance race as they have invested heavily in energy recovery.
And which fence might that be?
And yes rumours are about a hydrogen powered car
Maybe its just a hold off until Alfa is set to buy a team …
Sauber brought Mercedes to F1. Sauber brought M. Schumacher to F1. Sauber gave BMW and Ferrari added spotlights in F1. Unfortunately, cold treatment of Giedo and others proved to be a negative solution to financial woes. Peter is a rich numbers guy with hidden moves- not a public figure to lie and smile. We won’t know much more for now..