Financially struggling Formula One team Sauber elected not to participate in the in-season testing session at Silverstone last week, ostensibly citing cost issues, and now we know why – the team has confirmed that it has been sold to Swiss investors, Longbow Finance S.A.
The deal will have no bearing on the company or the team’s name, but team founder and namesake, Peter Sauber, who initially brought the team to F1 in 1993, will be retiring from all team functions. Monisha Kaltenborn will stay on as team principal and CEO while Sauber’s place on the board as chairman is taken by Longbow Finance’s Pascal Picci.