BMW Sauber future secured

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BMW confirmed several weeks ago they were withdrawing from Formula One at the end of the season for financial reasons. Since then the German manufacturing giants have actively pursued a buyer with the hope of saving the team based in Hinwil in Switzerland.

Qadbak Investments Ltd is a Swiss-based foundation representing the interests of certain Middle East and European-based families. Both parties signed contracts on Tuesday confirming the deal, with the hope now the team will line up on the grid for the 2010 season.

News of BMW Sauber's salvation comes hours after motor sport's world governing body, the FIA, confirmed Lotus as the 13th team for next year.

However, the FIA stated given "the high quality" of BMW Sauber's application they would award the team the '14th place' should a vacancy arise, or even seek a rule change to accommodate 14 teams.

BMW are hopeful the team will be in F1 from next season as they said: "A strong investor has been found.

"We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship.

"The team expects to line up on the grid for the first race of the 2010 season."