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.”