Although the buyout of their F1 operations was initially agreed upon with Swiss investment company Qadbak, BMW decided to sell it to Sauber instead because of the suspicious character of Qadback owner, convicted fraudster Russell King. However, the BMW/Sauber deal is “subject to the condition that the team has a starting place for the 2010 Formula 1 season.”
“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,” said Dr Klaus Draeger, Member of the Board of Management of BMW AG.
“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,” added Peter Sauber.
“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,” added the statement from BMW.
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