Longbow Finance S.A. acquire Sauber

Sauber's financial restraints seem to have taken an encouraging step after Swiss company Longbow Finance S.A. announced that they are about to buy Sauber Holding AG.

As a result of their financial difficulties, Sauber were forced to pull out of in-season testing last week at Silverstone, saying that would prefer to save their resources.

The sale will mean that Peter Sauber will step down as owner of the team and be replaced by Pascal Picci, the President and CEO of Longbow Finance S.A.

"As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry," Picci said during the announcement.

Current team principal Monisha Kaltenborn is excited by the proposition of having new owners and is looking forward to the process of making Sauber a competitive team on the F1 paddock again.

"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," she added.

"We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1. 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."

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