SAUBER SECURES FUTURE WITH NEW OWNERSHIP
President of the board of directors, Peter Sauber will retire from all functions, and is succeeded as by Pascal Picci, the president and CEO of Longbow Finance.
“As a Swiss company, we are pleased with having secured the future of a Swiss presence in a highly specialised and innovative industry,” Picci said.
Sauber have been struggling with money problems for years, and the results have reflected that struggle. The team is yet to score a point this season, and finished eighth last year.
Longbow Finance plan to not only keep the team afloat, but to “create the basis for a competitive and successful future” of the team.
There will be a change behind the scenes to try and bring in the results, though both the name and team principal, Monisha Kaltenborn, will remain the same.
Kaltenborn is optimistic about the deal.
“We are convinced that Longbow Finance S.A is the perfect partner to again make the team competitive and successful in Formula One,” she said. “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.”
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Article Written By: Bethonie Waring
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