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BMW has sold its Formula One team to a Swiss-based foundation named Qadbak Investments. The team is expected to participate in the next season.BMW announced about the deal on Tuesday. A statement made by BMW said, "The contract was signed today.”
Qadbak has also bought England's oldest Football League soccer club ‘Notts County’ in July. The deal was made through their Munto Finance Company. Former England manager Sven-Goran Eriksson has been appointed as the director of the fourth division football team.
BMW said the sale secured a strong investor for the Swiss-based team. It added that Qadbak's interest will be represented by Swiss national Lionel Fischer.
The Munich carmaker had announced its departure from F1 at the end of the season in July. They had bought an 80 % stake in Sauber in 2005.The other 20 % is owned by Founder Peter Sauber.
The new name of the team has not yet been disclosed and has no guaranteed slot in 2010 starting grid. The Malaysian-backed Lotus F1 has already secured the 13th place in the 2010 F1.
FIA said BMW-Sauber had been given a 14th place as reserve in case any of the other teams already signed up for 2010 decided to withdraw before the start of the season.
A BMW-Sauber 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."
