The Sauber F1 team has found a new owner. In a deal announced late yesterday, the Swiss racing outfit has been fully acquired by Longbow Finance S.A., an investment company also based in Switzerland.
The fresh investment is poised to keep Sauber on the grid and fighting for points instead of struggling to stay afloat. As part of the arrangement, team founder Peter Sauber will finally retire from his current role as chairman of the board, to be replaced by Longbow chief Pascal Picci. Monisha Kaltenborn, however, will remain in her position as team principal and chief executive officer. The team is also set to retain its name.
“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,” said Kaltenborn. “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.”
The team traces its roots back to the 1970s when it first competed in hillclimb events and sports prototypes. It partnered with Mercedes to win the 24 Hours of Le Mans in 1989, taking the World Sports Prototype Championship that year and the next with drivers like Michael Schumacher and Heinz-Harald Frenzten behind the wheel.
Sauber stepped up to Formula One in 1993 and has been a constant fixture on the grid ever since. Talents such as Jean Alesi, Mika Salo, Kimi Raikkonen, Felipe Massa, Jaques Villeneuve, Nick Heidfeld, Robert Kubica and Sebastian Vettel have all driven for the team.
Recognizing its strengths and potential, BMW bought the team in 2005, but left it hanging after 2009 when the Bavarian automaker withdrew from the sport. Sauber has been struggling both in terms of performance and financial viability in the years since, but the new ownership ought to secure its future for years to come.
This is not the first time we’ve seen a financial investment firm take over an F1 team. Genii Capital previously owned and operated the Lotus team until selling it back this year to Renault.
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