BMW AG, based in Munich, Germany, is pleased to announce today that Qadbak Investments Ltd, a Swiss-based foundation which represents the interests of certain Middle East and European-based families, has agreed to purchase the BMW Sauber F1 Team, based in Hinwil, Switzerland.

The contract was signed today (Tuesday).

A strong investor has therefore been found for the Hinwil-based team. Qadbak´s interest in the team will be represented by Lionel Fischer, a Swiss national.

BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.

Earlier on Tuesday, the FIA announced that while BMW-Sauber has not been granted a definite spot on the 2010 grid, it is first in line for an entry should any of the 13 confirmed teams pull out.

The team, founded by Peter Sauber in 1993, will also be allowed to race next year if other teams agree to expand the grid to 28 cars.



Photo Credit : WRI2