BMW Find Buyer For Formula One Team

As the news that Lotus have been granted the 13th place on the Formula One grid for 2010 filters through, BMW announce they have found a buyer for it’s Formula 1 team.

The German car company has been in talks with multiple investors but to date had failed to finalise a deal, today they have announced that the Qadbak Investments company has agreed to purchase the F1 team.

Earlier this year BMW announced that it would be pulling the plug on it’s involvement in Formula One and since then team boss Mario Theissen has been confident they would find a buyer.

At Monza he explained “There are negotiations ongoing behind the scenes, but I am cannot comment on things that are not finalised and we don’t have a decision.

“I can only say there is a chance for the team to continue, but we don’t have a decision yet.”

When asked when he expected to be able to reveal some news, Theissen said: “In September. This month.”

It was initially thought that the new Lotus team may buy out the team, but they are now going ahead with there own plans leaving BMW Sauber out in the cold.

“A strong investor has therefore been found for the Hinwil-based team,” BMW said in a statement.

“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.”

With the deal done, this now leaves a problem for the FIA, with 26 cars already on the grid for 2010 they are set to look in to the possibility of extending the grid to 28 cars.