Sauber F1 team sold to Swiss-based investment firm Longbow Finance

It was confirmed yesterday (20/7/16) that Sauber Formula 1 team has been sold to a Swiss-based investment firm Longbow Finance fully acquiring the team, in a move that will see founder Peter Sauber retire from all functions with the team.



Under the terms of the sale, the team will continue to race as Sauber F1 Team and will remain based at Hinwil, Zürich in Switzerland for the foreseeable future. The team will be still run by Monisha Kaltenborn will continue as CEO and Team Principal. While, Pascal Picci will replace Peter Sauber as Chairman.

This is good news for the team they need? Ask me in six months time as I think losing the support of the teams founder Peter Sauber is not good for the team. But, the results do show from this season that the team has been struggling financially in recent seasons, which includes late payments to staff while the team yet to score a single point so far in 2016. Which could be the right time for Peter Sauber to sell up and enjoy his retirement.

Let's see what the new owners can do with the Sauber F1 Team now.