Sauber bought out by Swiss Finance firm
By iSportconnect | July 20, 2016
Swiss Finance group Longbow Finance S.A. have taken over Sauber Holding AG, prescription the company behind the Sauber F1 team.
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.
Pascal Picci, President & CEO, 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.”
Monisha Kaltenborn, CEO and Team Principal: “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. 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.”
Peter Sauber, President of the Board of Directors, Sauber Holding AG: “Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 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 1 has proved to be correct.”