The Sauber F1 Team’s future in the sport has been secured with the announcement on Wednesday that the Hinwil based outfit has been taken over by Longbow Finance S.A. In a statement Sauber Holdings AG stated:
The Sauber Group is pleased to announce the change of its ownership. Following the signing of the acquisition agreement with the current shareholders, Longbow Finance S.A. will fully acquire Sauber Holding AG which is the ultimate holding company of the Sauber Group. It is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future. This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group. There will be no changes to either the company or the team name.
Team founder Peter Sauber will retire from all his functions within the outfit and will be replaced as Chairman of Sauber Holding A.G. by Pascal Picci, President and CEO of Longbow Finance S.A. Speaking about the acquisition of the team, Mr Picci commented by saying:
As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry.
As part of the new ownership agreement, Sauber F1 Team Principal and CEO will remain in her current roles and speaking about the deal she commented by saying:
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. 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.
Peter Sauber who founded the Swiss based outfit in 1993 sold the team to BMW in 2006 before buying back the team at the end of the 2009 season and speaking about the new deal he commented by saying:
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.