BMW has announced it has sold its Formula One team to a Swiss-based investment group.
Manufacturer signs deal with investment group
BMW has announced that it has sold its Formula One team to a Swiss-based investment group.
A deal between the Munich car manufacturer and Qadbak Investments, reportedly worth around €80 million, was announced on Tuesday, albeit shortly after the FIA announced that the team, currently running as BMW Sauber, had lost their place on the 2010 grid.
However, in announcing that the newly-reconstituted Lotus team will once again appear next season, motorsport's governing body said that a 14th slot may yet become available.
"It has awarded BMW Sauber the '14th place' in the championship, meaning that it will be entitled to fill any vacancy that arises on the 2010 grid," the FIA statement said.
"In addition, the FIA believes that a good case can be made for expanding the grid to 14 teams.
"The FIA will be consulting urgently with the existing teams regarding the introduction of an appropriate rule change to expand the grid to 28 cars in time for the first grand prix in 2010."
In response, a team spokesman said: "We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship.
"The team expects to line up on the grid for the first race of the 2010 season."
Speculation
With speculation surrounding the future of several teams, they could yet secure their place without a rule change to expand the grid.
Renault face a hearing in Paris next week to answer charges that they ordered Brazilian driver Nelson Piquet Jr. to crash deliberately in Singapore last year and help team mate Fernando Alonso win the race.
If found guilty, they could be excluded from the championship.
And FIA president Max Mosley warned last week that more manufacturers could follow BMW and Honda, who quit at the end of last year, out of the sport before the start of next season.
"I think we may lose another one, might even lose two and there's also one or two of the private teams who will find it difficult," he said.
In July, Qadbak, who represent unnamed Middle Eastern interests, bought Notts County through their Munto Finance company.
BMW announced in July that it was withdrawing from the sport as part of a "strategic realignment" in favour of "sustainability and environmental compatibility".
Having previously supplied engines, it entered the sport outright in 2006 after buying the Swiss Sauber team.
However, the team's founder, Peter Sauber, retained a 20 per cent stake.
The FIA announced in June that the current grid would be expanded to 26 cars next season, with the USF1, Campos F1 and Manor teams making their debuts.
