BMW Sauber Team Find New Buyer

It was annouced today that the BMW Sauber F1 team has been sold to the QADBAK Investments company. The Hinwil based team will now race to find a slot on the grid for the 2010 season.

BMW revealed earlier this year that they were quitting the sport and have since been in discussions with various parties in an attempt to find a future for the team. The lack of progress led to the team missing the deadline to sign the new Concorde agreement, losing its place on the grid, which has now been taken by the new Lotus F1 project. Making it to next years grid now rests on all the teams agreeing to allow a 14th entrant to the championship, or taking the place of Renault if they to leave the sport following the upcoming WMSC hearing.

QADBAK, is believed to stand for the middle easterns emirates of Qatar, Abu Dhabi, Dubau, Bahrain and Kuwait, and covers the interests of several Middle eastern and Swiss families. Beyond this, nothing much else is known about the consortium. The deal was finalized and signed on Tuesday by BMW.

“A strong investor has therefore been found for the Hinwil-based team,” BMW said in a statement.

“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.”