BMW says it has reached a deal to sell its Formula One team back to original owner Peter Sauber. However, the sale is conditional upon the team gaining a spot on the 2010 Formula One starting grid.
Following BMW's decision to withdraw from the sport earlier this year, the team were left off the 2010 entry list after it failed to sign the new Concorde Agreement by the deadline specified by FIA. Instead it was put into a holding pattern in case one of the new entries failed to make it to the starting line.
Toyota's decision to withdraw has created such an opening, however, the FIA has yet to decide what to do about the entry.
BMW had originally announced a deal to sell the F1 team to Swiss firm Qadbak Investment Limited. However, concerns were raised within the F1 community about the ownership makeup, leaving FIA to question whether or not to approve the entry.
BMW now says the deal with Qadbak will not go through.
Sauber, who started the F1 team back in 1993, says he's relieved that a solution has been found which will keep the team together for 2010. His decision to sell to BMW four years ago ushered in an era of increased spending and development, which elevated the team to one of the front runners in the sport. It will be interested to see if Sauber is able to maintain those levels without the manufacturer backing.
Sauber has already indicated that the new team will be looking to cut about 140 positions. Such cuts would likely have been made anyway due to voluntary spending caps agreed to by F1 teams.