Switzerland-based foundation Qadbak Investments Ltd. will buy the BMW Sauber F1 team for around 80 million euros (US $116.8 million), under an agreement signed Tuesday.
BMW AG said that the foundation “represents the interests of certain Middle East and European-based families.”
It did not elaborate but said that Qadbak’s interest in the Hinwil, Switzerland-based team will be represented by a Swiss national, Lionel Fischer.
Renault official offered immunity
London: Formula One’s governing body has offered Renault’s director of engineering, Pat Symonds, immunity from punishment in exchange for full disclosure about “crashgate”, a report said on Tuesday.
Symonds has been told that if he comes clean over how and why Nelson Piquet junior drove his car into the barriers in Singapore in 2008, he will escape sanctions. Those might include a life ban from the sport.
Former driver Piquet and his father, three-time world champion Nelson Piquet senior, have claimed that Renault conspired to fix the outcome of the Singapore GP.
The offer of immunity from the International Motorsport Federation (FIA) comes after its stewards investigating the claims interviewed Symonds at the Belgian Grand Prix late last month.
Symonds initially stonewalled when questioned in detail by FIA stewards about claims that he not only asked Piquet to crash in the Singapore race but went through with him where the accident should happen.
After refusing to answer a series of questions, Symonds remarked, “I have no intention of lying to you. I have not lied to you, but I have reserved my position just a little.”
Renault have been summoned to appear before the FIA’s International Motor Sport Council in Paris on September 21 to answer the allegations that Piquet was asked to crash his car deliberately into a wall during the race and so facilitate a victory for teammate Fernando Alonso.
Lotus named 13th team for 2010 F1 season
LONDON: The FIA on Tuesday named Lotus as the 13th team for the 2010 championship.
The FIA said it had also received an impressive application from the BMW Sauber team, but that since BMW had announced it would withdraw support in 2010, there remained uncertainties regarding the future ownership of the team.