BMW buys major share in Sauber; own team in '06.

BMW will run its own team in the Formula One world championship from next season, having acquired a majority shareholding in the Sauber team, the German company revealed today [Wednesday].

The decision was taken at a BMW board meeting on Tuesday and means that, for the first time in company history, the Munich marque will be competing independently in the top flight.

The majority stake in the Swiss team will be bought from both current team boss Peter Sauber and major sponsor Credit Suisse, who will effectively hand over control between 1 January 2006 and the end of 2008. The deal will not only provide the platform for BMW to run its own team in the world championship, but will also secure the future of the Sauber factory at Hinwil, and the 300 employees working there. Indeed, the factory in Hinwil will continue to exist as a legally independent Swiss company affiliated to BMW Motorsport while, in order to achieve its established objectives, BMW will increase the number of employees based there.

BMW is acquiring Sauber's shares at the end of the current season, and will progressively take over the shares held by Credit Suisse by the end of 2008.Peter Sauber will continue to hold some of his shares, and will assist BMW as an adviser, but withdraw from his operational responsibility.

"For Sauber, the partnership with BMW is an ideal solution as it supports the two goals which have always been paramount for me - firstly, to offer the team the possibility of improving their sporting performance, and secondly, to safeguard the site at Hinwil and the jobs of today's 300-strong workforce," the 61-year old team boss admitted.

"The involvement of six car manufacturers has resulted in significant changes to Formula One in recent years. For the private teams in particular, it has become increasingly difficult to secure solid financing which enables the achievement of sporting success as well. For some years, I have also been thinking in terms of succession planning which, in the light of the very specific demands of Formula One, is no easy matter.

"The partnership with BMW guarantees continuity. For that reason, too, it represents an ideal solution, because I know it will give the workforce a very good outlook. Over more than 35 years, I have guided this company through often stormy seas, which is why it is so important for me to know that it will be in goods hands in future as well."

The team's new structure - complete with managerial and key positions, including the driver line-up - and its new identity will be worked out by the takeover date, and the team officially presented to the public at the beginning of 2006.

BMW is keen to stress that the expansion of its Formula One involvement will not damage other motorsport projects, with the marque's 24-hour, touring car and Formula BMW programmes all remaining unaffected.

The company is also keen to retain its links with long-term partner WilliamsF1, and will be seeking talks as soon as possible to resolve issues arising from today's announcement.

"In the partnership with WilliamsF1, we have celebrated successes together and taken the team forward," Mario Theissen confirmed, "Both partners today are stronger than at the outset of our joint venture and are thus equipped for the future. What that future will look like will be decided over the next weeks.

"Irrespective of that decision, we are concentrating on the current season. We still have quite a few goals for this year and we will apply all our powers and professionalism to implement them together with WilliamsF1."