Qadbak deal collapses, BMW sells team to Peter Sauber
(GMM) The Qadbak deal has collapsed but BMW has instead agreed to sell its Hinwil based formula one team back to founder Peter Sauber.
"The contract is subject to the condition that the team has a starting place for the 2010 formula one season," a statement issued on Friday by the German car manufacturer read.
BMW confirmed reports that the Qadbak sale "will not be completed", and revealed that as part of the newly announced buyout, Sauber's workforce will be cut from 388 to around 250 employees.
"Notices of redundancy have therefore been issued today," said the statement, adding that "further redundancies" may also be necessary in the near future.
BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW Sauber F1 Team. The contract is subject to the condition that the team has a starting place for the 2010 Formula 1 season.
Dr Klaus Draeger, Member of the Board of Management of BMW AG with responsibility for Development, stated this morning: "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."
Peter Sauber added: ""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 One, whose current transformation with new framework conditions will benefit the private teams. Our staff here are highly competent and motivated, and I look forward to taking on this new challenge together with them. I would like to thank BMW for four shared years that have in the main been very successful."
This means that the sale to Qadbak Investment Ltd. that was initially planned will not be completed.
A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees. The restructuring of the team and compliance with future framework conditions have made this essential. Notices of redundancy have therefore been issued today. BMW AG regrets the need for these personnel cutbacks and will support the restructuring. At this moment in time, due to the aforementioned restructuring of the team, it is not possible to exclude the possibility of further redundancies in the near future.