The president of the board of directors at Sauber Holding AC, Peter Sauber, has retired, following the sale of the Sauber Group to Swiss company, Longbow Finance S.A., the team has announced.
Financial problems have been one of Sauber’s biggest struggles for years and speculation over who the team’s new investors are has been swirling for months but, yesterday, the deal to secure Sauber’s future in Formula One was signed.
Longbow Finances plan to “stabilise the group”, with a “new structure” behind the scenes. But it isn’t all change. The name of the team and the team principal, Monisha Kaltenborn, will stay the same.
The sale is, according to Kaltenborn, the best answer to the difficulties Sauber has faced.
“This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for Swiss motorsport.”
She also believes the new owners will help to not only keep Sauber in Formula One, but also to allow the team to develop and become more competitive. The team is yet to score a point this season and finished eighth overall last year.
Peter Sauber added: “I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula 1 has proved to be correct.”
