No More QADBAK, Just Sauber F1, as Sauber Buys the BMW Share of His Team

What Happens When Everything Falls Apart

10:56am EST — Friday, BMW announced that partial team owner and previous team principal Peter Sauber has bought the eighty percent of the team from BMW that investment consortium QADBAK was to have bought.  This announcement follows week-long speculation that QADBAK was merely a Middle Eastern investment group in name and a front for convicted-of-fraud Russell King.  Granted, the sale to Sauber is conditional on the team receiving a placement on the 2010 Formula1 grid, but, barring any issues with Toyota’s withdrawal, that ought not be a problem.  Of course, rumors currently exist that Toyota may be for sale as well, which would hamper Sauber’s 2010 plans, as the Toyota team had signed the Concorde Agreement, and no incarnation of BMW had.

BMW itself spent a good portion of the public announcement fawning over Sauber, saying, “our relationship with Peter Sauber has always been excellent and marked with absolute respect,” which must have been quite a change to an investment group no one could quite pin down.

Unfortunately, nearly on hundred and forty staff have also been let go from the team, and more job cuts are expected.


Leave a comment

No comments yet.

Comments RSS TrackBack Identifier URI

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s