• BMW Sauber

BMW to sell team back to Peter Sauber

Peter Sauber will retain full control of his team © Sutton Images

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• BMW Sauber

BMW has announced it will sell its share of its Formula One team back to Peter Sauber, providing the team are granted a starting place on the 2010 grid.

BMW announced it was withdrawing from the sport in July with the intention of selling the team to a suitable buyer. Investment company Qadbak was originally lined up but reports in recent weeks shed doubt on the company's ability to go through with the deal. An announcement on Friday confirmed that the team will not be sold to Qadbak but instead to Peter Sauber, who retained a 20% share throughout BMW's ownership.

The buyout will result in cutbacks that will see the Swiss team's workforce cut from 388 to 250. But Sauber said he was happy that the team had achieved its best possible outcome.

"I am very relieved that we have found this solution," he said. "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."

BMW were also pleased that an agreement had been reached with Sauber to ensure the future of the team in the sport.

"We are very happy with this solution," said Dr Klaus Draeger, a member of the company's board. "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."

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