Sauber has ended its' partnership with the Liechtenstein-based firm Money Service Group following recent developments surrounding the company's founder. The financial service company, which specialises in premium consulting services, only began the partnership in May but that deal has been brought to an end with immediate effect..
Michael Seidl has recently departed the company and was arrested on Thursday of last week on suspicion of commercial fraud. The chief prosecutor in Liechtenstein has also confirmed that Seidl is suspected of “fraud, embezzlement and other offences”.
The Hinwil-based squad responded to the news over the Hungarian Grand Prix weekend by issuing the following statement.
“In the light of recent developments regarding the Money Service Group, the Sauber F1 Team has decided to end its partnership with the company with immediate effect.
The MSG logos which have been appearing on the team gear, pit partition walls, backdrops and press stationery will be removed immediately after the Hungarian Grand Prix in Budapest.”
The company has been a long-time sponsor of three-time World Champion Niki Lauda who is reported to be suing for unpaid monies and damage to his image. The Austrian has also reverted back to his familiar red cap.