Motorsport: Sauber remains in Swiss hands
All Swiss motorsport fans and the staff of the Hinwil-based company can breathe a sigh of relief: Sauber Holding has been sold to a financial investment company founded in Switzerland 20 years ago. The frequent reports about the increasing financial problems have hurt almost more in the last few months than the so far unsuccessful hunt for world championship points. At least the one [...]
The frequent reports of increasing financial problems over the last few months have hurt almost more than the so far unsuccessful hunt for championship points. At least Hinwil is now rid of one worry. Following the signing of a takeover agreement with the current shareholders on Tuesday, Longbow Finance S.A. has acquired Sauber Holding AG in full. The new owner is making this commitment with the clear intention of stabilizing the Sauber Group and creating a basis for a competitive and successful future.
According to a statement from Sauber, the new owner is a guarantee for the strengthening of the Sauber brand in Formula 1 and for growth in the technical development of the entire company. There will be no change to the name of the company or the team. Team founder Peter Sauber will step down from all functions. Pascal Picci, the President and CEO of Longbow Finance, will become the new Chairman of the Board of Directors of the Sauber Group. Monisha Kaltenborn will remain a member of the Board of Directors and will lead the company as CEO and Team Principal.
The perfect partner for the future
"Longbow Finance S.A. is the perfect partner to make the team competitive and successful again in Formula 1," said the Austrian in the statement. The new structure not only ensures the survival of the Sauber team, but also allows the team to expand its business with third-party customers and move into new areas. "We are very grateful that they believe in the Sauber Group's expertise, skills and efficiency and are giving us this opportunity."
Team founder Peter Sauber, who was most recently Chairman of the Board of Sauber Holding AG, is "very happy. I am very happy that my courageous investment six years ago in buying back the company (from BMW, editor's note) with the aim of preserving the Hinwil site and the Formula 1 grid has ultimately proved to be the right one." Although the Zurich native no longer has any say in the matter, at least his name will remain in Formula 1. But even that could change at some point in the future if the company, which specializes in financial transactions, looks for a new buyer and finds one with its own name interests.
www.sauberf1team.com
Photos: Sauber F1 Team
