Following months of speculation that it would happen, the Sauber F1 team announced today that it's been sold.
Motorsport reports that Longbow Finance, a Swiss investment firm, has purchased both founder Peter Sauber and team principal Monisha Kaltenborn's shares, giving it control of the team. And while Kaltenborn will stay on as team principal and CEO, Sauber will step down from the board and will no longer be involved.
Speaking to reporters about the sale, Sauber said:
Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group. 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 then added:
We are convinced that Longbow Finance S.A. 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 commercialize 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.
News of this sale likely comes as a relief to Sauber's employees who, earlier this year, were paid late as a result of the team's cashflow issues. And that wasn't the first time the team has struggled. It's had issues for a while, even going so far as to join Force India and Manor in filing a complaint with the European Union over the way F1 pays out earnings.
