Sauber reveal new owners

Sauber have announced that Longbow Finance S.A. will take full ownership of the team, seemingly ending the team's financial plight.

In a statement, the team said: " The Sauber Group is pleased to announce the change of its ownership. Following the signing of the acquisition agreement with the current shareholders, Longbow Finance S.A. will fully acquire Sauber Holding AG which is the ultimate holding company of the Sauber Group."

"It is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future," continued the statement. "This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group. There will be no changes to either the company or the team name."

Sauber also revealed that team founder Peter Sauber will retire from the team, with Pascal Picci taking over as Chairman of Sauber Holding A.G. Monisha Kaltenborn will remain the team principal and CEO of the company, as well as remaining on the board of directors.

"We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport," said Kaltenborn. "We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula One."

“Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula One Team and the Sauber Group," added Sauber, who founded the team in the 1970s. "I am very happy that my courageous investment to buy the team back [from BMW], which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula One has proved to be correct.”