15/09/2009
NEWS STORY
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BMW has announced that it has reached an agreement for the sale of its F1 team.
A statement issued by the German manufacturer this afternoon reads:
BMW AG, based in Munich, Germany, is pleased to announce today that Qadbak Investments Ltd, a Swiss-based foundation which represents the interests of certain Middle East and European based families, has agreed to purchase the BMW Sauber F1 Team, based in Hinwil, Switzerland. The contract was signed today (Tuesday).
A strong investor has therefore been found for the Hinwil-based team. Qadbak's interest in the team will be represented by Lionel Fischer, a Swiss national.
BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.