Peter Sauber says Longbow Finance’s decision to acquire the Sauber Group shows he was right to buy his eponymous Formula One team back in 2010.
Following months of speculation about its increasingly strained financial resources, Sauber has announced on Wednesday that its long-term future in the sport has been secured thanks to fresh investment from Switzerland.
Having entered F1 in 1993, Peter Sauber sold his outfit to BMW in 2005, though the name Sauber remained affixed to the German manufacturer’s works effort from 2006 to 2009.
BMW then pulled the plug on its F1 involvement at the end of 2009, which left the Swiss team out in the cold. Sauber stepped up to the plate to re-purchase his former squad, thus securing an entry for the 2010 championship.
“Monisha Kaltenborn and I signed [on Tuesday] an agreement which secures the future of the Formula 1 Team and the Sauber Group,” the 72-year-old said.
“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.”
The change of ownership will see Peter Sauber retire from all functions, with Longbow Finance CEO Pascal Picci set to replace him at the helm.
Sauber never won a grand prix as an independant team but claimed victory at the 2008 Canadian Grand Prix with Robert Kubica as part of the BMW tie-up.
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