Swiss Formula 1 team Sauber-Ferrari has announced that the team is now fully owned by Longbow Finance S.A. Run by Peter Sauber since 1970, he will be retiring from all functions upon full acquisition by Longbow Finance S.A. He has also sold his 66.6% stake to the rest of the team.

According to the team, this transaction secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group. There will be no changes to either the company or the team name. As for personnel changes, Sauber will be succeeded by Pascal Picci as Chairman of Sauber Holding A.G. Monisha Kaltenborn will remain as a member of the Board of Directors and continue to lead the company in her functions as CEO and Team Principal.

“We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport. We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1. We are very grateful that Longbow Finance S.A.believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future,” said Kaltenborn.

Sauber was formed in 1970 and entered motorsports through sports car and endurance racing. The team became the official factory outfit of Mercedes-Benz in the 80's, winning the 24 Hours of Le Mans in 1989 and 1990 with the Sauber-Mercedes C9. The team concentrated their efforts in Formula 1 in 1993.