BMW reaches agreement with Swiss investor for F1 team

The team, which is based in Hinwel, Switzerland, has been sold to a Swiss-based foundation, Qadbak Investments Ltd, which represents "the interests of certain Middle East and European based families".

BMW said that the contract was signed on Tuesday, and said that Swiss Lionel Fischer will head Qadbak’s interest in the team, which was founded by Peter Sauber in 1993 as Sauber F1.

Earlier on Tuesday, the FIA had announced that the new BMW-Sauber outfit will be first in line for a spot on the grid for the 2010 season should any of the 13 teams withdraw, essentially becoming a first reserve team. The team might also be allowed to enter should the other teams agree to expand the grid to 28 cars.