Sauber Formula 1 team acquired by Longbow Finance, future secured

Sauber has announced a change in ownership that founder Peter Sauber says secures the future of the Formula 1 outfit

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.

shares
comments
Vijay Mallya says 'witch hunt' no threat to Force India F1 team
Previous article

Vijay Mallya says 'witch hunt' no threat to Force India F1 team

Next article

Silverstone plans 25,000 British Grand Prix capacity increase

Silverstone plans 25,000 British Grand Prix capacity increase
Why is Oscar Piastri F1's most sought-after rookie? Plus

Why is Oscar Piastri F1's most sought-after rookie?

The Australian rising star is fast, consistent, confident, adaptable and has shown excellent racecraft, but there’s already a taint to his reputation. That hasn’t stopped him becoming the hottest property in this year’s F1 driver market and why McLaren moved fast to snap up the 21-year-old

The unintended benefit that F1's new engine rules era will deliver Plus

The unintended benefit that F1's new engine rules era will deliver

Formula 1's incoming engine rules shake-up has multiple targets. But it may also solve what has been a bone of contention since the hybrids arrived in 2014. The new plan will allow the series to pump up the volume

Formula 1
Sep 29, 2022
How de Vries made himself impossible to ignore for a belated F1 chance Plus

How de Vries made himself impossible to ignore for a belated F1 chance

Nyck de Vries appeared to have missed his opportunity to break into Formula 1 as he was passed over for more exciting talents who have now become frontrunners and title fighters. But after catching the eye outside of the F1 sphere, before his stunning impromptu grand prix debut in Italy, will it lead to a delayed full-time race seat?

Formula 1
Sep 29, 2022
Can Hamilton produce another Singapore magic moment? Plus

Can Hamilton produce another Singapore magic moment?

The Singapore Grand Prix has, explains BEN EDWARDS, played an important role in Lewis Hamilton’s Formula 1 career. As the series returns to the Marina Bay Street Circuit for the first time in three years, he faces the latest challenge with an underperforming Mercedes car

Formula 1
Sep 28, 2022
Why Sainz is key to Ferrari achieving its chairman's F1 goals Plus

Why Sainz is key to Ferrari achieving its chairman's F1 goals

Although Ferrari's chances of title glory in 2022 have evaporated, chairman John Elkann expects the team to have chalked up both championships by 2026. Both require drivers to play the team game and, having now become more comfortable with the F1-75, Carlos Sainz may be Ferrari's key to title glory

Formula 1
Sep 27, 2022
How F1 has tried to avoid repeating its 2014 engine rules mistakes Plus

How F1 has tried to avoid repeating its 2014 engine rules mistakes

With Formula 1’s future engine regulations now agreed, MARK GALLAGHER wonders if they will provide a more competitive field than past attempts actually managed

Formula 1
Sep 26, 2022
How its faltering first turbo car advanced a Williams-Honda glory era Plus

How its faltering first turbo car advanced a Williams-Honda glory era

STUART CODLING charts the development of the Williams FW09, the ugly duckling that heralded the start of the title-winning Williams-Honda partnership

Formula 1
Sep 25, 2022
The Moss-Ferrari farce that current F1 drivers are thankfully spared Plus

The Moss-Ferrari farce that current F1 drivers are thankfully spared

Recent moves within the driver market have reminded MAURICE HAMILTON of a time when contracts weren’t worth the paper they weren’t written on…

Formula 1
Sep 24, 2022