Sauber has been sold and Longbow Financial is the investment group that has bought it. It will close a long chapter on the racing life of Peter Sauber who saved his team from extinction a few years ago when BMW left the sport. Peter started his racing ream in Formula 1 in 1993.
Since saving the team, his Swiss-based operation has struggled with slow payments and a lack of resources but it now seems that the team will get an infusion of capital and Monisha Kaltenborn will retain her position.
Pascal Picci, President & CEO, Longbow Finance SA:
“As a Swiss company we are very pleased to secure the future of a Swiss company in a highly specialized and innovative industry.”
Monisha Kaltenborn, CEO and team manager:
“We are very happy that we were able to reach an agreement with Longbow Finance SA, which secures the future of Sauber in the pinnacle of Motorsports. We are very confident that Longbow Finance SA is the perfect partner to make the team in Formula 1 again competitive and successful. At the same time the new structure also allows us to expand our third customer business and enter new areas. This solution is in the best interest for all employees, for the partner of the team, for our suppliers, for the Hinwil location and the Swiss motorsport. We Longbow Finance SA very grateful that they believe in the skills, the abilities and efficiency of the Clean Group and give us this opportunity. We look forward to an exciting future. ”
Peter Sauber, Chairman of the Board, Sauber Holding AG:
“Monisha Kaltenborn and I could sign a contract that secures the future of Formula 1 teams and the Sauber Group yesterday. I am very happy that my bold investment that the repurchase of the company had the goal six years ago to preserve the Hinwil location and the Formula 1 grid, has finally proven correct. ”
It’s good news for Sauber but there is little information about what Longbow’s goals are with the investment. Low on constructor points, the team isn’t due a large FOM prize money payout so my concern is the long-term intention of the investment.
We’ve seen other investment companies come in to the sport such as Genii Capital and they amassed a serious amount of debt prior to selling the team to Renault.