German car maker BMW announced Wednesday it had bought Swiss Formula One team Sauber and that a BMW-managed team will contest the Formula One World Championship as early as 2006.
Sauber and Credit Suisse bank sold a majority interest in the Sauber Holding to BMW effective January 1, 2006.
"This decision is a strong, long-term affirmation of BMWs commitment to Formula One," said Burkhard Goschel, BMW board member for development and purchasing. "We anticipate that Formula One will emerge strengthened from the current restructuring phase and that it will continue to represent the top echelon of motor sport for the future as well. For BMW, Formula One is thus the right platform for demonstrating our competence as a car manufacturer."
"With a team managed by BMW we will, as of next year, take on responsibility for the entire package, which will include the key factors of the chassis, tyres and drivers," said Goschel.
Sauber team principal Peter Sauber said: "For Sauber, the partnership with BMW is an ideal solution as it supports the two goals which have always been paramount for me. Firstly, to offer the team the possibility of improving their sporting performance, and secondly, to safeguard the site at Hinwil and the jobs of todays 300-strong workforce."
Sauber said the costs involved in runing a Formula One stable were increasingly prohibitive for private teams.
"The involvement of six car manufacturers has resulted in significant changes to Formula One in recent years. For the private teams in particular, it has become increasingly difficult to secure solid financing which enables the achievement of sporting success as well," Sauber said.
It is a blow for British team Williams, who have been exclusive partners with BMW since returning to Formula One in 2000. BMW's contract to supply Williams with engines runs to 2009 but contains get-out clauses.
And BMW's Goschel said: "Naturally this decision impacts on our partnership with WilliamsF1. We want to discuss the future options together with WilliamsF1 in order to find the right way forward for both sides."
"What that future will look like will be decided over the next weeks," added Mario Theissen, BMW Motorsport director. "Irrespective of that decision, we are concentrating on the current season. We still have quite a few goals for this year and we will apply all our powers and professionalism to implement them together with WilliamsF1."
Sauber's engines are currently supplied by Ferrari. The relationship between BMW and former world champions Williams has deteriorated in recent months.
Williams raced with Renault engines from 1989 to 1997 when they won five constructors' championships and four drivers' titles. They also won two constructors' crowns and one drivers' championship with Honda between 1983 and 1987.
WilliamsF1 has yet to make any official comment.
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