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BMW AG reaches Sauber F1 agreement
Germany-based car manufacturer BMW AG has confirmed it has secured a deal to offload the BMW Sauber Formula One team to Peter Sauber, subject to its entry in the 2010 season.
Earlier this year, BMW had announced that it was withdrawing from the Formula One World Championship to dedicate more resources to developing sustainable road cars technologies. However, the Sauber team was handed a reserve slot for the 2010 season by the Federation Internationale de l'Automobile (FIA) after it was revealed the German company was set to sell the team to Switzerland-based Qadbak.
The Qadbak deal will now not go ahead after Peter Sauber stepped in to secure a deal with BMW AG, although it is yet to be confirmed whether the team will take part in the 2010 Formula One season in the wake of Toyota's withdrawal from the sport, and uncertainty over Renault's future. Peter Sauber said: "I am very relieved that we have found this solution. It means we can keep the Hinwil location and the majority of workplaces. I am convinced that the new team has a very good future in Formula One, whose current transformation with new framework conditions will benefit the private teams."