BMW have announced a deal with Qadbak for the sale of the Hinwill-based F1 team. Qadbak is a Swiss-based organization that represents the investments of Middle-East and Swiss families who are investing in the venture.
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. QadbakÂ´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.
The FIA has placed the Hinwill-based team on the reserve list in 14th position which effectively means they are the next team to get in to F1 should any other team leave. It is also been stated by the FIA that they will work with the existing teams to expand the number of cars on the grid next year to include a 14th team so the former BMW squad can race in 2010. The FIA’s press release stated:
Nevertheless, the FIA considers that BMW Sauberâ€™s application is of high quality and would constitute a competitive participant in the Championship. As such, it has awarded BMW Sauber the ’14th place’ in the Championship meaning that it will be entitled to fill any vacancy that arises on the 2010 grid.
In addition, the FIA believes that a good case can be made for expanding the grid to 14 teams. The FIA will be consulting urgently with the existing teams regarding the introduction of an appropriate rule change to expand the grid to 28 cars in time for the first Grand Prix in 2010.