Sauber has announced it has secured its Formula One future, with financial investment company Longbow Finance S.A. set to “fully acquire Sauber Holding AG which is the ultimate holding company of the Sauber Group.”
Sauber’s difficulties have been well documented over the past few years, with meagre resources limiting development and upgrades to the 2016-spec C35.
As the only team yet to score a point this year, the Swiss outfit currently sits 11th and last in the Constructors’ championship.
The change of ownership will see team founder Peter Sauber, who entered F1 with his eponymous squad in 1993, step down and be replaced by Pascal Picci, the President & CEO of Longbow Finance S.A., while Monisha Kaltenborn will continue to serve as team principal.
“As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry,” Picci said upon the announcement.
Kaltenborn, who recently told F1i that new investment is "long-term thinking" for the team, 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. 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.”
Chris Medland's 2016 Hungarian Grand Prix preview
Technical snapshot - Silverstone
Closing the gap? 2016 constructors points progression
TECHNICAL: Under the skin of the Mercedes W07
Keep up to date with all the F1 news via Facebook and Twitter
Lewis Hamilton upheld Ferrari’s dominance in free practice on Saturday at COTA, with the seven-time…
Full results from Free Practice 32 for the United States Grand Prix in Austin, round…
Kimi Antonelli is closing in on a place in Formula 1 history, but one chapter…
Red Bull arrived in Austin riding a wave of momentum, but Friday’s running at the…
The Mexican Grand Prix at the Autodromo Hermanos Rodriguez will always hold a special place…
Adrian Newey has offered a candid assessment of Aston Martin’s challenging first season with Honda,…