Switzerland-Based Longbow Finance Takes Over Sauber Holding
Longbow Finance, an investment finance company in Switzerland, recently announced it had attained Sauber Holding, a company that owns and controls Sauber F1.
Company founder Peter Sauber will be replaced by Pascal Picci, Longbow’s president and chief executive officer. Monish Kaltenborn will stay on as Sauber’s F1’s team principal and chief executive as well as stay on with the board of directors.
The transaction secures Sauber’s long-term future with Formula One, which had been questioned for quite some time. In the off-season and the 2016 campaign, there wasn’t a lot of resources, which caused the stalled development of the C35 car. The team has yet to get a point so far.
Felipe Nasr, the team’s driver, had also said recently he would not stay with Sauber until the issues with the company had been addressed.
Longbow released a press release that said there would be no changes to the team or company name. Picci said he was pleased to have finally secured a Swiss presence in a ground-breaking industry.
Kaltenborn said the deal secures Sauber’s future in motorsports. She said Longbow Finance is the best partner to ensure the team stays competitive in Formula One. The new structure, she said, will help them to grow the third-party business and commercialize their experience.
Kaltenborn said the resolution with Longbow was for the best for everybody, and she said the company is grateful Longbow Finance believes in the Sauber Group.