Citizen Reporter
1 minute read
22 Jul 2016
10:08 am

Sauber F1 team announces change of ownership

Citizen Reporter

Sauber: 'Monisha Kaltenborn and I yesterday signed an agreement that secures the future of the F1 Team and the Sauber Group.'

The Sauber team has been sold to Swiss investment firm Longbow Finance in a deal that will result in founder Peter Sauber retiring from all functions.

Following months of speculation about new investors coming on board, the Hinwil-based outfit announced on Wednesday the shares held by Peter Sauber and team principal Monisha Kaltenborn had been purchased by Longbow Finance.

The deal secures the team’s F1 future – whose name will continue – and Kaltenborn will remain on as team principal and CEO.

Peter Sauber will step down from the board though and be succeeded as chairperson by Pascal Picci from Longbow Finance.

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 SA, we can secure the future of Sauber at the pinnacle of motorsport.

“We are convinced that Longbow Finance SA 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.”