19/01/2009
NEWS STORY
Credit Suisse has confirmed that its sponsorship of the BMW F1 team has come to an end.
The Swiss bank, which had a large stake in the Sauber F1 Team until BMW bought the Hinwill outfit in 2005, agreed a three-year deal with the Munich-based manufacturer which ran out at the end of last season.
While there had been speculation as to whether the company would renew its contract, the outcome appeared to be clear when the bank's CEO, Oswald Grubel, a keen F1 fan, was replaced by Brady W. Dougan.
"The team is on the right track," spokesman Matthias Friedli told SonntagsBlick. "Therefore, this is the right time to say farewell."
Grubel is said to be disappointed by the decision.
The German team unveils its 2009 contender tomorrow (Tuesday) at the Valencia circuit.