Longbow Finance buys Sauber

Discuss all the aspects of the Formula 1 sport here

Moderators: cmlean, Ed, The Qualiflyer, The Heretic

Post Reply
Ed
NewsOnF1 Editor
NewsOnF1 Editor
Posts: 22255
Joined: Wed Jan 19, 2005 1:24 pm

Longbow Finance buys Sauber

Post by Ed » Thu Jul 21, 2016 5:10 pm

The Sauber F1 team has been struggling recently and there was a lot of speculation that the team will go under. In recent weeks though, the team have been upbeat about their prospects and they have now announced that the team has been bought by a financial organization.
The Sauber Group is pleased to announce the change of its ownership. Following the signing of the acquisition agreement with the current shareholders, Longbow Finance S.A. will fully acquire Sauber Holding AG which is the ultimate holding company of the Sauber Group. It is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future. This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group. There will be no changes to either the company or the team name.

Peter Sauber will retire from all functions, being succeeded by Pascal Picci as Chairman of Sauber Holding A.G. Monisha Kaltenborn will remain as a member of the Board of Directors and continue to lead the company in her functions as CEO and Team Principal.
Whilst this is great news for the team, one can't help but wonder, how long can a financial organization fund a Formula 1 team and for how long ?
It is also sad to see Peter Sauber the founder of this team retire.

Related article: Ericsson’s backers have bought Sauber – report

Post Reply