Peter Sauber has revealed he isn’t looking to sell the Sauber team, despite stating earlier in the year that he bought the team as a short term solution.
When BMW-Sauber pulled out at the end of 2009, the German manufacturer tried to sell the team to Qadbak, an investment firm. The takeover deal failed after several weeks of negotiation. That led to a takeover by the Sauber, who already held a 20% stake in the team.
The move from major manufacturer ownership to private ownership has meant big cuts in budget and employee numbers.
“Our budget has decreased by 40% compared to last season and we have cut employees from 390 to 260,” Sauber is reported to have said by F1Today.
The Swiss team principal confirmed he isn’t on the hunt for a buyer just yet, rather, he is looking to secure the teams future with solid sponsors.
“I am not currently looking for a buyer. We are now looking for stability, performance, and sponsors for 2011.”
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