The Sauber F1 Team have today announced that they have completed a deal with current shareholders that will see a change of ownership at group level.
Longbow Finance S.A have acquired Sauber Holding A.G, the overall umbrella company to which Sauber Group belongs, with immediate effect, in a bid to secure the future of Sauber who have been suffering with financial difficulties that had started to reach critical levels in 2016.
There will be no change of name to either the holding company or the Formula One team, but the arrangement will hopefully allow the Sauber F1 Team more opportunities to progress forward this season, after badly struggling with performance during the first half of the year, unable to bring any updates to the C35. Late payment of staff wages had also occurred, and it had looked like the Sauber F1 Team may struggle to see out the rest of the 2016 season. This new deal however, brings new hope to the Swiss squads door, which should see their money situation stabilise and allow development to move on.
Peter Sauber, long-time owner of the F1 team, will step down from all operations and Pascal Picci will step into his role of Chairman at Sauber Holding A.G. The 72-year old eponymous owner, appeared happy with the deal.
“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.”
Current Team Principal Monisha Kaltenborn will remain in her role, as well as keeping her position as a member of the Board of Directors. Kaltenborn was relieved that a deal had finally been struck, and positive about the new future that lay ahead of them.
“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.”
Pascal Picci, President and CEO at Longbow Finance S.A, who have been active in financial investments for more than twenty years, was pleased his organisation could assist a fellow Swiss business.
“As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry.”