BMW has announced that the Qadbak Investments company has agreed to purchase the Formula 1 team based in Hinwil.

The German company had revealed earlier this year that it will quit Formula 1 at the end of the season, and had been in talks with interested parties since then.

On Tuesday (September 15th), BMW said it had signed the contract to sell the team to Qadbak, a Swiss-based foundation which represents the interests of certain Middle East and European-based families.

“A strong investor has therefore been found for the Hinwil-based team,” BMW said in a statement.

“Qadbak’s interest in the team will be represented by Lionel Fischer, a Swiss national. BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond.”

The sale of the team coincides with the FIA having announced the 13th entry for the 2010 championship went to the Lotus outfit, with BMW as a possible 14th entry in case a current team fails to race next year.

The FIA also said it would talk to the teams about the possibility of increasing the grid size to 28 cars to allow the Hinwil squad to race next year.

BMW Sauber has said it fully expects to be on the Formula 1 grid in Melbourne next year after finding a buyer for the team.

After missing out on the 13th 2010 slot to Lotus, BMW Sauber was offered an extra 14th team place by the FIA if it was successful in securing funding for its future.

After announcing that Swiss foundation Qadbak Investments Limited is to buy the team, BMW Sauber issued a statement confirming that it now expects the FIA to guarantee its place on the grid.

“We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship,” said a BMW statement.

“The team expects to line up on the grid for the first race of the 2010 season.”

Amid widespread suggestions that BMW’s departure from the sport will be followed by another manufacturer imminently, rumours have revolved around Toyota.

This has been prompted by the fact that Toyota has not yet signed the Concorde Agreement that would tie it to F1, and the team’s F1 president John Howett is in Japan at the moment discussing strategy with the Japanese car manufacturer’s chiefs.

However, a spokesman for the Toyota Motor Corporation has dismissed any talk that Toyota is considering its future in F1, with its Concorde Agreement signature expected to be confirmed in the next few days.

“Through cost reduction we will continue our Formula 1 activities,” said the spokesman. “Our situation remains unchanged.”

Source: Autosport.com

http://www.autosport.com/news/report.php/id/77408

As for Nick Heldfeld, the German was taken by surprise following BMW’s withdrawal from Formula One. Story taken from Autosport.com:

Nick Heidfeld has revealed that he had no prior knowledge about BMW’s decision to withdraw from Formula 1 at the end of the year, following the company’s announcement on Wednesday.

The German, who has driven for the BMW Sauber team since its inception in 2006, and who drove for Williams when it was powered by BMW engines in the year prior to that, told his website that the news had come as a complete surprise to him.

“BMW’s decision no longer to compete in Formula 1 was totally unexpected,” he said. “I feel very sorry for the members of the team with whom it has been my privilege to work over the years.

“I would like to thank all of them for their tremendous support and for everything we have achieved together.”

The 32-year-old added that he was determined to continue racing in F1 and was negotiating with other teams.

“I’m not going to lose sight of my ambition to reach the top in Formula 1,” he said. “I’ll be doing my best to support the team and ensure that we get the best possible finish to the season.

“As far as my personal future is concerned, we’ll now be continuing discussions under these changed circumstances.”

BMW’s decision to turn its back on F1 at the end of 2009 was announced on Wednesday morning, and it is feared that another manufacturer could soon follow suit and leave the sport.

The FIA has said that the state of affairs is proof that cost-cutting measures were vital – as it hinted at some frustration that its effort to change the sport’s finances was met by opposition.

“The FIA regrets the announcement of BMW’s intended withdrawal from Formula 1 but is not surprised by it,” said an FIA statement.

“It has been clear for some time that motor sport cannot ignore the world economic crisis. Car manufacturers cannot be expected to continue to pour large sums of money into Formula 1 when their survival depends on redundancies, plant closures and the support of the taxpayer.

“This is why the FIA prepared regulations to reduce costs drastically. These measures were needed to alleviate the pressure on manufacturers following Honda’s withdrawal but also to make it possible for new teams to enter.

“Had these regulations not been so strongly opposed by a number of team principals, the withdrawal of BMW and further such announcements in the future might have been avoided.”

The FIA said it hoped that cost-cutting rules that have been agreed will be enough to prevent more walk outs in the future.

“As a result of a sustained cost-cutting campaign by the FIA, new measures are in the process of being agreed which should make it easier for new teams to enter and enable existing ones to participate on much reduced budgets,” the statement added.

The Formula One Teams’ Association (FOTA) has vowed to do all it can to help secure a future for the BMW Sauber team, following its parent company’s decision to quit the sport.

Just as FOTA moved to help keep Brawn GP on the grid after Honda withdrew from F1 last December, the organisation’s secretary general Simone Perillo said on Wednesday that the teams’ body had held immediate talks to confirm its support for the Hinwil-based operation.

“FOTA Teams have immediately consulted each other and are ready to assure all the necessary support to the Swiss-based team, whose membership in the association is confirmed, to continue its involvement in the F1 Sport,” said Perillo.

FOTA is poised to begin a detailed evaluation of what improvements can be made to the sport – and one option it is openly considering it for teams to run three cars in a bid to keep grid numbers high.

“It is worth mentioning that a professional work has already begun within FOTA, aimed at increasing the involvement of the fans and at improving the F1 show,” continued Perillo.

“Among those initiatives, one that could be interesting is the introduction of a third car on the grid. FOTA will seek the opinions of all the most relevant stakeholders in order to exchange ideas and define proposals for the future of Formula 1.

“FOTA Teams now wish to have the necessary certainty and stability within Formula 1 in order to focus on those fundamental priorities for the future.”

Source: Autosport.com