<h1>Sauber taken over by Switzerland-based finance group</h1>

The troubled Sauber team are confiscated by a Swiss finance cluster. Longbow Finance has bought out the Sauber Holding cluster, of that the Formula one team square measure a vicinity. The takeover ends uncertainty over the long run of Swiss people team, WHO are combating monetary problems for a few years. Founder Peter Sauber, WHO was chairman, has retired and been replaced by Pascal Picci. Monisha Kaltenborn remains chief officer and team principal. The team name can stay unchanged. Kaltenborn said: "We square measure very happy we will secure the long run of Sauber at the head of motorsport. "We square measure convinced that bow Finance is that the good partner to once more create the team competitive and eminent in F1." Sauber entered F1 in 1993, in partnership with Mercedes, when a eminent career in sportscars. Mercedes set 2 years later to affix McLaren, beginning a partnership that ensured till 2014, following the creation of the automobile company's own F1 team. Sauber, primarily based in Hinwil, close to metropolis, went it alone as a privateer till it absolutely was bought out by BMW in June 2005. But the German automobile big quit F1 at the top of 2009. though founder Sauber stepped in to stay alive the team WHO bear his name, their existence since then has been precarious. He said: "I am terribly happy that my heroic investment to shop for the team back, that I created six years past with the intention to secure the bottom in Hinwil and also the place in F1, has tried to be correct." In more than twenty years within the sport, Sauber have won one Grand Prix, with Poland's Robert Kubica in North American nation in 2008. Sauber lie last of eleven groups within the constructors' championship this season, with a best results of twelfth place - achieved thrice.