Zurich - The ailing Sauber Formula 1 team said its future was finally assured after it announced a change of ownership on Wednesday (July 20, 2016) that will save it from extinction.
There will be no changes to the team name, but founder Peter Sauber will retire, with the Swiss investment company Longbow Finance S.A fully acquiring Sauber Holding AG, the ultimate holding company of the Sauber Group.
Money problems resolve
Monisha Kaltenborn will remain team principal of Swiss-based Sauber, which has been searching for a solution to its money troubles that saw regular delays to wages being paid to staff.
Kaltenborn said: "We are very pleased that by reaching an agreement with Longbow Finance SA 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 F1."
Peter Sauber added: "Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the F1 team and the Sauber Group."