Sauber announces team's acquisition by Swiss finance company Longbow Finance S.A.

A statement issued by the team today reads:

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. 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.

Peter Sauber will retire from all functions, being succeeded by Pascal Picci as Chairman of Sauber Holding A.G. Monisha Kaltenborn will remain as a member of the Board of Directors and continue to lead the company in her functions as CEO and Team Principal.

Pascal Picci, President & CEO, Longbow Finance S.A.: "As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry."

Monisha Kaltenborn, CEO and Team Principal: "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. We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1. At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how.

"This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport. We are very grateful that Longbow Finance S.A.believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future."

Peter Sauber, President of the Board of Directors, Sauber Holding AG: "Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group. 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."

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READERS COMMENTS

1. Posted by itc, 21/07/2016 0:24

"The new owners' intentions will be more than clear once next season's drivers are signed - if they're both pay drivers with more budget than demonstrated talent/wins/titles in lower formulae that will say it all. If not, bravo!."

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2. Posted by -ape-, 20/07/2016 18:55

"Sauber was financially destroyed when that BMW sc*m pulled out without a decent rescue plan.
Peter Sauber was tricked in a buy back for an absurd price ..

"

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3. Posted by Ro, 20/07/2016 14:43

"Bet all the money BE has that this is a tax-loss scheme...call me sceptical, but...."

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4. Posted by edllorca, 20/07/2016 14:28

"Well that's the end of that... Owned by a finance company, run by a lawyer, not a motorhead in sight."

Swiss finance group acquires Sauber

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