FORUMula1.com - F1 Forum

[scotty]

Sauber's takeover by the Qadbak group is on the verge of collapse, according to the Swiss weekly newspaper Sonntagszeitung. The report claims that the main figure behind the consortium is Russell King, who has spent time in jail for insurance fraud and had assets frozen by court.

In the wake of BMW and Toyota's withdrawals from Formula One, Sauber is waiting to be given an official FIA entry to race in 2010.

The newspaper reports that, contrary to speculation, Qadbak's F1 investors are in fact not funded by wealthy Middle Eastern sources. The lack of real financing could explain the FIA's hesitance in granting the team its 2010 entry, with even BMW's legal department reportedly surprised to learn about King's apparent inability to fund the project.

It is suggested that Dubai-based King was counting on BMW Sauber's commercial income after finishing sixth in the 2009 season, while the FIA wants assurances about the team's pre-prize money backing.

Reports in September said King attempted to found a Dubai-based F1 team some years ago, and that it was this failed foray that led to some existing teams' concerns about Sauber's Qadbak buyout.

The FIA is expected to publish the definitive 2010 entry list at the end of November.

Not good! Potentially just another example of what happens when F1 allows certain groups to get involved for the wrong reasons.

[headless]

I wil believe new teams will make it to the grid when I see them on it in Australia.

[Jabberwocky]

why do you not think any of them will be at Bahrain?

If you where going to spend a load of money on a company would you do it to a team that may or may not have anything to do next year!?!?!?

[7UpJordan]

This isn't good news. BMW should have accepted Peter Sauber's offer when it was on the table, but they had their heads up their own arses.

[f1usa]

This isn't good news. BMW should have accepted Peter Sauber's offer when it was on the table, but they had their heads up their own arses.

Looks like BMW is toast. Is the FIA trying to impose a $200M a year fine on Toyota, times three years for a Honda like deal to fill 13th slot on grid.

[Jensonb]

I wish I was surprised, but I had my doubts bout this shady Qadbak group as soon as folks like Pitpass started digging into their history. Overtones of the old Phoenix outfit.

[f1usa]

Sauber buys team from BMW.

[Cubejam]

Looks good now, Sauber buying the team from BMW, Qadback never took it over in the first place... dear dear... but ONLY if they get a place on the grid next year.

http://www.autosport.com/news/report.php/id/80350

BMW has agreed to sell its Formula 1 team back to Peter Sauber, on condition that the team receives an entry for 2010, after announcing it's original sale to Qadbak Investment Ltd. will not be completed.

The German car maker announced earlier this year it was pulling out of Formula 1, but said it had agreed a deal with Swiss company Qadbak, who was to run the team in the future.

BMW said on Friday however that the Qadbak deal would not be completed.

Instead, the car maker has sold the team back to Peter Sauber, who founded his F1 team in 1993 and ran it until BMW bought it four years ago.

"We are very happy with this solution," said Dr Klaus Draeger, Member of the Board of Management of BMW AG. "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."

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."

A further agreement with Sauber proposes personnel cuts from the current level of 388 to around 250 employees.

The future of the team in Formula 1 remains unclear, however, as the FIA is yet to confirm its grid slot for 2010.

[headless]

Welcoem back Peter

[scotty]

This is awesome news!! I hope they get a grid spot now.

(thread title edited in light of the news)

[Jabberwocky]

I am sure they will take the Toyota spot as no one seems bothered by it at the moment.

It will be good to see Peter back. How much is he gonna pay for it?

[headless]

I am sure they will take the Toyota spot as no one seems bothered by it at the moment.

It will be good to see Peter back. How much is he gonna pay for it?

I was thinking of buying Toyota, but aint got enough.

[Jabberwocky]

Ross the Boss bought Honda for £1 and then sold it 3/4 of it 10 months later for rumoured £30 million. I am sure your bank manager might help you out with a business plan like that.

[darwin dali]

Peter Sauber, my favorite team boss is baaaaack!

[darwin dali]

Ross the Boss bought Honda for £1 and then sold it 3/4 of it 10 months later for rumoured £30 million. I am sure your bank manager might help you out with a business plan like that.

If you think in those terms, how stupid was it for Mercedes to wait a year and see the price go up rather than buying the Honda team for a buck when it was on sale?