Sauber and Credit Suisse are selling a majority interest in the Sauber Holding to BMW effective 1 January 2006, thus creating the basis for sporting success as well as the future of the factory with its 300 employees at the Hinwil location. As of 2006, the German manufacturer will enter a BMW managed team in the Formula One World Championship.

BMW is acquiring shares from Peter Sauber and will successively take over the shares held by Credit Suisse by the end of 2008. Peter Sauber will continue to hold some of his shares and will assist BMW as an adviser, but withdraw from his operational responsibility. The factory in Hinwil will continue to exist as a legally independent Swiss company affiliated to BMW Motorsport. To achieve the established objectives, BMW will increase the number of employees in Hinwil.

"For Sauber, the partnership with BMW is an ideal solution," said Peter Sauber, "as it supports the two goals which have always been paramount for me: firstly, to offer the team the possibility of improving their sporting performance, and secondly, to safeguard the site at Hinwil and the jobs of today’s 300-strong workforce.

"The involvement of six car manufacturers has resulted in significant changes to Formula One in recent years. For the private teams in particular, it has become increasingly difficult to secure solid financing which enables the achievement of sporting success as well. For some years, I have also been thinking in terms of succession planning – in the light of the very specific demands of Formula One, that is no easy matter.

"The partnership with BMW guarantees continuity," he added. For that reason, too, it represents an ideal solution, because I know it will give the workforce a very good outlook. Over more than 35 years, I have guided this company through often stormy seas, which is why it is so important for me to know that it will be in goods hands in future as well."