Sauber secures long-term future after deal with Russian companies
|By Edd Straw and Dieter Rencken||Monday, July 15th 2013, 07:49 GMT|
Sauber has announced a major partnership with a trio of Russian companies that will secure the team's long-term future in Formula 1.
The companies involved are the Investment Corporation International Fund, the State Fund of Development of Northwest Russian Federation and the National Institute of Aviation Technologies.
AUTOSPORT understands there will be no change either to the shareholding of the team or the management.
"We are pleased to announce a partnership between the Investment Corporation International Fund, the State Fund of Development of North-West Russian Federation and the National Institute of Aviation Technologies with Sauber Motorsport AG, incorporating the promotion of the sport Formula 1 in Russia and jointly developing high-technological solutions," said a Sauber statement.
"With the National Institute of Aviation Technologies, one of the leading scientific research institutions in Russia, the Sauber F1 team will benefit from the advanced know-how of the front-end Russian scientists and engineers.
"The objective of the partnership is to open up new perspectives and revenue streams by commercialising jointly developed technologies."
The deal, which several rival teams are believed to have chased, will give Sauber a technological as well as financial boost.
It will also result in 17-year-old Russian driver Sergey Sirotkin joining Sauber on a development programme, with a view to bringing him into F1 next season.
The statement described the investment, technical partnership and driver development as a comprehensive showcase for Russia in motorsport.
"This extensive co-operation will showcase Russian innovation at the pinnacle of motorsport," it said.
"At the same time the Sauber F1 team will have a solid foundation to increase its competitiveness on a long-term basis."