BMW AG reaches agreement with investor on sale of the BMW Sauber F1 Team
17 Sep 2009|914 views
The contract was signed on Tuesday the 15th of September 2009. A strong investor has therefore been found for the Hinwil-based team. Qadbak's interest in the team will be represented by Lionel Fischer, a Swiss national. BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.
BMW AG gave no financial details of the sale, but said that the foundation "represents the interests of certain Middle East and European-based families." It did not elaborate but said that Qadbak's interest in the Hinwil, Switzerland-based team will be represented by a Swiss national, Lionel Fischer.
Earlier Tuesday, Formula One's governing body turned down an application from BMW Sauber for a place on the grid next season - noting that BMW's previous announcement left uncertainties over the team's future ownership.
However, it said the team had made a "high quality" application and that it would be entitled to fill any vacancy that arises.
"We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship," BMW said in a statement. "The team expects to line up on the grid for the first race of the 2010 season."
The contract was signed on Tuesday the 15th of September 2009. A strong investor has therefore been found for the Hinwil-based team. Qadbak's interest in the team will be represented by Lionel Fischer, a Swiss national. BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.
BMW AG gave no financial details of the sale, but said that the foundation "represents the interests of certain Middle East and European-based families." It did not elaborate but said that Qadbak's interest in the Hinwil, Switzerland-based team will be represented by a Swiss national, Lionel Fischer.
Earlier Tuesday, Formula One's governing body turned down an application from BMW Sauber for a place on the grid next season - noting that BMW's previous announcement left uncertainties over the team's future ownership.
However, it said the team had made a "high quality" application and that it would be entitled to fill any vacancy that arises.
"We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship," BMW said in a statement. "The team expects to line up on the grid for the first race of the 2010 season."
Latest COE Prices
April 2025 | 2nd BIDDING
NEXT TENDER: 07 May 2025
CAT A$99,500
CAT B$117,003
CAT C$65,001
CAT E$118,001
View Full Results 
Thank You For Your Subscription.
