BMW has officially announced that it has sold its Formula 1 outfit back to Peter Sauber for an undisclosed sum. The arrangement with Qadbak will not proceed as well, hence the team should be part of next year’s grid once again.
“I am very relieved that we have found this solution, it means we can keep the Hinwil location and the majority of workplaces. I am convinced that the new team has a very good future in Formula 1 whose current transformation with new framework conditions will benefit the private teams,” said Peter Sauber.
Dr Klaus Draeger, Member of the Board of Management of BMW AG with responsibility for Development, said, “We are very happy with this solution. This fulfils the most important requirement for a successful future for the team. Our relationship with Peter Sauber has always been excellent and marked by absolute respect. We would like to express our thanks to Peter Sauber and the whole team for the excellent cooperation during the recent four years.”
A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees. This means that there should be a total of 26 cars from 13 teams on next year’s grid. It should be an interesting season!