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Sauber's future has been secured after shareholders Longbow Finance S.A. completed a full takeover of the Formula 1 team.
The Swiss finance group has agreed to fully acquire the team’s holding company with Picci, President and CEO of Longbow Finance S.A., taking over from Peter Sauber as team Chairman.
The team will continue to race under the Sauber name and Monisha Kaltenborn will carry on as team principal and CEO, although Peter Sauber is to retire.
"It is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future. This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group," read a Sauber statement.
Kaltenborn added: “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 One.”
Sauber made their Formula 1 debut in 1993 and was bought out by BMW in 2005. However, following BMW's decision to quit the sport its founder Peter Sauber stepped in to recuse the team and he is pleased the team's future has been secured.
“I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula One has proved to be correct.”