F1 BMW AG reaches agreement with investor on sale of the BMW Sauber F1 Team.


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BMW AG reaches agreement with investor on sale of the BMW Sauber F1 Team.

* 15.09.2009
* Press Release

Munich/Hinwil, 15th September 2009. 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.

Source: BMW Press Club
 
Glad for the swiss boys, i wonder what will happen to Munchen headquarters, i pray god the next sauber car will be a very strong one (although the chances are very low) just to piss BMW and make them look even more like loosers.
 
latest news are that Lotus has been picked for the next season in favour of "Sauber Racing"
 
REPORT: BMW hoodwinked by fraudster in sale of Sauber F1 team

by Noah Joseph (RSS feed) on Nov 24th 2009 at 8:25AM


Questionable past acquisitions aside, you don't get to be as large and successful as BMW without having some business acumen. That assumption, however, is being cast into question as reports out of Germany suggest that the Bavarian automaker may have been duped in its sale of the Sauber F1 racing team.

Peter Sauber's eponymous racing team joined the F1 grid in 1993, and raced for a dozen seasons independently before BMW bought the team in 2005. But earlier this year, the German automaker announced it would withdraw from the sport, leaving Sauber to look for a new investor. A mysterious Swiss finance firm called Qadbak Investments stepped up, and the sale was completed. Having missed the deadline to re-commit for 2010, however, Sauber was replaced by newcomer Lotus, but since Toyota vacated its position, Sauber has been waiting on the FIA to give them the go-ahead. And now we're starting to understand the FIA's hesitance.

According to emerging reports, it appears that Qadbak – which also recently acquired the Notts County football team in England and was supposedly backed by a couple of reclusive, wealthy Middle Eastern families – is little more than a string of shell companies for a convicted British fraudster based in Dubai. Apparently Russell King, the fraudster at the end of the Qadbak paper trail, was trying to tap into the shared F1 revenue streams split between the teams in the series. Having finished sixth in the constructors' championship this season, the Sauber team would be entitled to a considerable slice of the pie.

The revelation raises more questions than it answers, but we're expecting the whole picture to come into focus over the coming weeks, so stay tuned.

Source: Autoblog


:eusa_thin
 
Oh Tine why have you posted this here ?

It's been days that my anger reached skyhigh levels when i first read it and i was hoping that i won't see it coming here, but now that it has been posted let me say this (excuse the rude language but i have to say it):

What on Foucking bloody earth happened to the dumbfoucks over at Munich, How, can someone Fouck up so royally, everything from A to Z ? Their pathetic exit has put the BMW name 10 feets under crap in the motorsport world, their non sigining of the Accords concord just to escape some financial penality is both incredibly stupid and a testimony of an infinite greed, the same greed that made their brains freeze and sell the team (well not exactly since they received zero euros until now) to a miserable swindler. Where are those so bright financial engineers that BMW is so proud of ?
 
Deleted member 25 said:
Where are those so bright financial engineers that BMW is so proud of ?
Click to expand...

I guess many left at the same time as Panke or Krause ... presumably to Porsche, where they were involved in the "greatest" financial engineering ever: f...g up the whole company & the brand - both ending in the VW portfolio.

Germans should stick to engineering, and leave financial affairs to others. :usa7uh: Eg. to the Jews. :D;)
 
back to the roots

Update:
pressrelease BMW

BMW AG reaches agreement with Peter Sauber regarding sale of the BMW Sauber F1 Team


Munich/Hinwil. Yesterday (Thursday), 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.
 
Lesson that they should never forget: Too much greed is harmeful you dumbasses.
 
Sauber gets 210 Ferrari tech

Peter Sauber confirmed deal with Ferrari to get 2010 engine and gearbox.
maybe more teamwork like alliance between 1997 - 2005
very probably Sauber get 13. grid slot next week
 
EnI said:
Germans should stick to engineering, and leave financial affairs to others. :usa7uh: Eg. to the Jews. :D;)
Click to expand...


I'd ban you for this if this were my forum :D
Can't believe you even said that. Germans can be Jewish too, you know?
 
Press Release


FIA Formula One World Championship - BMW Sauber



03/12/2009



The FIA has written to inform BMW Sauber AG that their application for an entry in the 2010 FIA Formula One World Championship has been successful. Subject to their signing the Concorde Agreement, BMW Sauber will be awarded the 13th entry in the Championship, taking the place of the departing Toyota team.​

The FIA has worked closely with the Commercial Rights Holder and the teams involved over recent weeks and is grateful for their support in achieving the best outcome for the sport.​

An updated Formula One entry list will be published in due course.​
 
Btw, just some clarifications on buisiness side, peter's first offer that was rejected was worth 30 millions, the second and final one was worth much less.
 
So people it's now official, sauber will carry the BMW name for 2010, Ferrari Powered BMW cars, the hulimiliation continues :D Actually they should do the same for civil Ms and put Ferrari V8s & V12s. :D
 

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