Sauber Formula 1 team finds solution to secure its financial future

Cashflow problems meant February, March and April salaries were paid around a week late while it took nearly a month to put the May salaries through.

But the June salaries were paid on time and it is believed the staff have been told a sustainable solution has been found for the future and that there is reason for optimism.

Team principal Monisha Kaltenborn has been locked in talks for months trying to find financial backing to secure the team's long term future.

It is believed a new investor has been found, which would mean a change of ownership for the team.

Should the deal go through, it is anticipated Kaltenborn will continue in her current role.

The finer details are still being discussed, with talks continuing on Thursday and Kaltenborn expected to arrive in Austria in time for Friday practice.

The news is a boost to the Swiss team, which has been unable to update its car since pre-season testing.

There are upgrades in the pipeline, including a new front and rear wing, and it is hoped these will be introduced for the Hungarian GP on July 24.

Sauber missed the first in-season test at Barcelona as it had no updates to test.

It has yet to decide whether it will attend the post-British Grand Prix test at Silverstone, with a decision expected to hinge on whether it has new parts to run.