Sauber Future Secured With Ownership Change

Wesley Branton
July 20, 2016 @ 5:44 pm

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© Sauber Motorsport AG

Sauber, a team that has been in the middle of a financial deficit, has recently signed an agreement that will see a change of ownership. This secures the team’s immediate future in the sport of Formula One.

Sauber Holding AG, the holding company of the Sauber Group, will be fully acquired by Longbow Finance S.A, a Swiss investment company. The company has been active in financial investments for over 20 years.

As a result of the ownership agreement, Peter Sauber will officially retire from the team, leaving Pascal Picci to act as the Chairman of Sauber Holding AG. Monisha Kaltenborn will continue to be the team’s CEO and team principal, while also retaining her position on the team’s board of directors.

Monisha Kaltenborn expressed her thanks to the purchasing company, saying:

“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. At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how. This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport. 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.”

In 2006, a majority stake of the team was purchased by BWM. While under BMW’s guidance, the team saw great performance and results. The team was able to finish as runner up in the 2007 World Constructors’ Championship and then third the following year. In 2010, Peter Sauber purchased BMW’s stake in the company. “I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula 1 has proved to be correct,” said Peter Sauber.