Sauber confirmed on Wednesday that it has agreed a deal with Longbow Finance S.A., which will see the Swiss investment company take full ownership of the Sauber Group, which includes the Formula 1 team.
Sauber have struggled financially for the past few seasons with 2016 proving particuarly difficult, with staff wages often delayed. However for the first time in months, June's wages were paid on time, prompting speculation that the team had found a new backer.
That has now been confirmed, with Longbow Finance S.A. taking ownership with their intention "to stabilise the group and create the basis for a competitive and successful future".
As part of the deal, founder Peter Sauber will retire from all functions to be succeeded by Pascal Picci as chairman of Sauber Holding A.G. Meanwhile 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.
The team name will not change.
"As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry," commented Longbow Finance S.A. president and CEO, Picci.
Kaltenborn added: "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."
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