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BMW AG reaches agreement on sale of the BMW Sauber |
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Melvyn Pettit 
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Joined: 18 Apr 2007 Location: Isle of Wight Status: Offline Points: 1502 |
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 Topic: BMW AG reaches agreement on sale of the BMW SauberPosted: 15 Sep 2009 at 6:32pm |
BMW AG reaches agreement with investor on sale of the BMW Sauber F1 Team.
Munich/Hinwil, 15th September 2009. BMW AG, based in Munich, Germany, is pleased to announce today that Qadbak Investments Ltd, a Swiss-based foundation which represents the interests of certain Middle East and European based families, has agreed to purchase the BMW Sauber F1 Team, based in Hinwil, Switzerland. The contract was signed today (Tuesday). 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. |
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Melvyn Pettit
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Joined: 18 Apr 2007 Location: Isle of Wight Status: Offline Points: 1502 |
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Posted: 15 Sep 2009 at 6:33pm |
BMW Sauber F1 Team statement on today's FIA press release
“We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship. The team expects to line up on the grid for the first race of the 2010 season.” |
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dteagles
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Joined: 09 May 2007 Location: UK, Bucks Status: Offline Points: 3476 |
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Posted: 15 Sep 2009 at 7:44pm |
It's a big commitment if they end up not racing, but I can't see that happening Edited by dteagles - 15 Sep 2009 at 7:44pm |
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 Think about what you can do for the club, not what it can do for you... |
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Melvyn Pettit
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Joined: 18 Apr 2007 Location: Isle of Wight Status: Offline Points: 1502 |
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Posted: 15 Sep 2009 at 9:14pm |
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Don't worry Darren
Forget Sauber Team and start to cheer on "Team Lotus"
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dteagles
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Joined: 09 May 2007 Location: UK, Bucks Status: Offline Points: 3476 |
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Posted: 15 Sep 2009 at 10:41pm |
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Melvyn,
Just becuase I now have a Lotus doesn't mean I have turned my back on BMW F1  I really hope that they are racing next year! The more teams/cars rthe better! Darren. |
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Think about what you can do for the club, not what it can do for you... |
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NeRo
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Joined: 04 Aug 2006 Status: Offline Points: 1294 |
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Posted: 27 Nov 2009 at 12:50pm |
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Melvyn Pettit
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Posted: 27 Nov 2009 at 3:56pm |
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BMW AG reaches agreement with Peter Sauber regarding sale of the BMW Sauber F1 Team
Munich/Hinwil. Yesterday (Thursday), BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW Sauber F1 Team. The contract is subject to the condition that the team has a starting place for the 2010 Formula 1 season. Dr Klaus Draeger, Member of the Board of Management of BMW AG with responsibility for Development, stated this morning: “We are very happy with this solution. This fulfils the most important requirement for a successful future for the team. Our relationship with Peter Sauber has always been excellent and marked by absolute respect. We would like to express our thanks to Peter Sauber and the whole team for the excellent cooperation during the recent four years.” Peter Sauber added: “"I am very relieved that we have found this solution. It means we can keep the Hinwil location and the majority of workplaces. I am convinced that the new team has a very good future in Formula One, whose current transformation with new framework conditions will benefit the private teams. Our staff here are highly competent and motivated, and I look forward to taking on this new challenge together with them. I would like to thank BMW for four shared years that have in the main been very successful."
This means that the sale to Qadbak Investment Ltd. that was initially planned will not be completed.
A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees. The restructuring of the team and compliance with future framework conditions have made this essential. Notices of redundancy have therefore been issued today. BMW AG regrets the need for these personnel cutbacks and will support the restructuring. At this moment in time, due to the aforementioned restructuring of the team, it is not possible to exclude the possibility of further redundancies in the near future.
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safe1
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BMWCC Club President Joined: 09 Aug 2006 Status: Offline Points: 1426 |
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Posted: 27 Nov 2009 at 6:57pm |
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Lets hope that the NEW FIA President Todt confirms the inclusion of Sauber BMW for the 2010 season, instead of delaying the design and build for 2010.
Then they arewondering why teams fall behind in competiveness due to trying to catch up with the others who have had months headstart.
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Gofastsafe
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Melvyn Pettit wrote: