Sauber secure future as team gets sold to investor
The Sauber Group, the holdering around the Sauber F1 team, has announced a change of its ownership. Following the signing of the acquisition agreement with the current shareholders, Longbow Finance S.A. will fully acquire Sauber Holding AG which is the ultimate holding company of the Sauber Group.
A team statement read that "it is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future. This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group. There will be no changes to either the company or the team name."
Peter Sauber will retire from all functions, being succeeded by Pascal Picci as Chairman of Sauber Holding A.G. Monisha Kaltenborn will remain as a member of the Board of Directors and continue to lead the company in her functions as CEO and Team Principal.
Longbow Finance S.A. is incorporated as a Ltd / Société Anonyme / Aktiengesellschaft in Switzerland and active in financial investments since more than 20 years. Its CEO, Pascal Picci said he was "very pleased by having secured the future of a Swiss presence in a highly specialized and innovative industry.”
“We are very pleased that by reaching an agreement with Longbow Finance S.A.", said Monisha Kaltenborn, Sauber CEO and Team Principal.
"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.”
Peter Sauber, founder of the team and until now Chairman of the company, said the sale was in the best interests of the team.
“Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group. 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.”
