The BMW-Sauber F1 Team has been sold to Swiss investor Qadbak Investments Ltd, the Bavarian manufacturer has confirmed – finally ending speculation regarding the fate of the Hinwil-based outfit after the parent company announced its withdrawal from top flight competition at the end of July.
Qadbak is a Swiss-based foundation representing the interests of certain Middle East and European-based families, and agreed terms with BMW to purchase the operation today (Tuesday). Qadbak's interest in the team will be spearheaded by Swiss national Lionel Fischer.
'A strong investor has therefore been found for the Hinwil-based team,' read an official BMW statement. 'BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.
“We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship,” added a team spokesman. “The team expects to line up on the grid for the first race of the 2010 season.”