BLOOMINGTON, Minn. — BMW has sold its F-1 operation back to the team’s founder Peter Sauber. After BMW pulled out of F-1 it announced that the investment company Qadbak had bought the team.
The mysterious Qadbak kept a very low profile indeed, and the only information to come out about the deal was Nov. 27 when BMW said the sale “that was initially planned will not be completed.”
The team will be immediately downsized from 388 to around 250 employees, and further redundancies may be made in the near future.
“I am convinced that the new team has a very good future in F-1, whose current transformation with new framework conditions will benefit the private teams,” Sauber said.
It’s not known what Sauber paid, or who his investors are, but the deal is conditional on the FIA accepting the team’s entry for 2010.
With Toyota quitting, it would seem that there is one entry slot available, but it is not that simple. When Toyota signed the new Concorde Agreement it committed to F-1 through 2012. It still has a valid entry that in theory could be passed on to someone who buys it.
The FIA will have to sort all of this out when its World Motor Sports Council meets in Paris in early December.