F1: BMW Sauber sold - BMW out of F1 in 2010

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The Official Formula 1 Website

Agreement reached on sale of BMW Sauber team

BMW Sauber’s hopes of staying on the grid next season received a boost on Tuesday after BMW confirmed it has reached agreement on the sale of the team. The German car maker is pulling out of Formula One racing at the end of 2009.

Qadbak Investments Ltd, a Swiss-based foundation which represents the interests of certain Middle East and European based families, has agreed to purchase the team, based in Hinwil, Switzerland. Qadbak´s interest in the team will be represented by Lionel Fischer, a Swiss national.

“BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond,” said BMW in an official statement announcing the deal.

The recent uncertainty surrounding BMW Sauber’s future means they do not have a confirmed entry for next season. However, the FIA has said it will be pressing for a 14-team field in 2010, with BMW Sauber guaranteed the final slot if the necessary rule changes can be agreed.