Sauber announces change of ownership

By on Wednesday, July 20, 2016
Sauber F1 Team

Sauber F1 Team

Sauber has announced a change of ownership which will see founder Peter Sauber retire from the team.

Sauber has struggled in recent years and has yet to score a point in 2016, with its situation exacerbated by financial issues off-track.

Sauber confirmed on Wednesday that it had struck an agreement for Longbow Finance S.A. to fully acquire Sauber Holding AG, which is the ultimate holding company of the Sauber Group.

Peter Sauber will retire from all functions and be replaced by Pascal Picci as chairman, with Monisha Kaltenborn staying on as team principal.

"We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport," said Kaltenborn.

"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 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.

"We are very grateful that Longbow Finance S.A.believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future."

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