Sauber has secured its future in Formula One by confirming its sale to Swiss investors, which will keep the team on the grid following recent financial troubles.
There have been months of speculation about new investors coming on board at Sauber, with the team confirming on Wednesday that Longbow Finance S.A has taken over. The deal will have no bearing on the company or the team's name, though it does result in founder Peter Sauber retiring from all functions.
Monisha Kaltenborn will stay on as team principal and CEO while Sauber's place on the board as chairman is taken by Longbow Finance's Pascal Picci.
Sauber, who originally formed the team in 1993, said: "Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula One Team and the Sauber Group. I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula One has proved to be correct."
Sauber's financial struggles have been no secret in recent months, with the team making late payments to its employees earlier this season. Team boss Kaltenborn hopes Wednesday's announcement is the catalyst for a return to form for the Swiss team.
"We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport," Kaltenborn said. "We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula One.
"At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how. This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport. We are very grateful that Longbow Finance S.A. believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future."