Sauber Formula 1 team acquired by Longbow Finance, future secured

The Swiss team has encountered financial difficulties this season, with cashflow problems leading to salaries being paid late for four successive months.

But Autosport revealed last month Sauber had found a solution to save it from extinction and it has now announced Longbow Finance SA has acquired Sauber Holding AG, which is the holding company of the Sauber Group.

Sauber says there will be no changes to the team name or the company, but Peter Sauber will retire, relinquishing his role as president of the board of directors.

Kaltenborn will remain on the board and continue to lead the company as CEO and team principal.

Sauber will be succeeded by Pascal Picci as chairman of Sauber Holding AG.

Picci is the president and CEO of Longbow Finance, which has been active in financial investments for more than 20 years.

"Monisha Kaltenborn and I on Tuesday signed an agreement which secures the future of the Formula 1 team and the Sauber Group," said Sauber.

"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."

Kaltenborn added: "We are convinced that Longbow Finance SA 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."

The Sauber statement added: "It is Longbow Finance SA's clear intention to stabilise the group and create the basis for a competitive and successful future."

The news provides a boost to the team, which has been unable to upgrade its car all season because of a lack of finances.

The Swiss outfit also missed both in-season tests, with a lack of new parts to test one of the key reasons.

Peter Sauber originally brought his team into F1 in 1993. It was sold to BMW and ran as the German manufacturer's factory squad from 2006-09, with Sauber then stepping back in to save it when BMW decided to quit the championship.