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Sauber in financial strife

The Sauber Formula One team have hit financial difficulties once again.

It's not the first time the Sauber team have had money problems, back in 2005 the team was all but sold to BMW, but following the German manufacturer's withdrawal from the sport at the end of 2009, Peter Sauber bought back a controlling interest in the team.

In more recent months CEO and team principal Monisha Kaltenborn has taken more and more control of the team, whilst the ownership remains in the hands of Sauber with his controlling interesting standing at 66.6%.

Despite last seasons successes on the track Sauber have struggled to attract sponsorship and that has led the team into difficulties financially.

Reports suggest that the team have failed to pay bills and are in desperate need of some form of bailout.

This could either come in the form of a new sponsorship deal, or new investment with Chelsea Football Club owner Roman Abramovich linked due to their recent brand partnership.

Russians Arkady and Boris Rotenberg who owns SMP bank have also been linked according to Sky Sports.

Speaking to Swiss broadcaster SRF, Formula One boss Bernie Ecclestone said: 'They're a good team and I'm sure there is more than one possible buyer.

'I don't want to imagine F1 without Sauber. Ideally, they will find new sponsors in the long term.

'Even companies who are willing to support them in the short term would be fine. The team deserves to be helped.'

There have been some in the paddock who have speculated that Sauber's situation is so serious that they may not even be in a position to complete the 2013 season, however speaking to Autosport Magazine Kaltenborn has denied this: 'We have very openly said that this is a difficult time for us, but we are doing all we can to come out of this situation, I am confident that we will soon be out of this situation and that is all there is to say about it.

'We have entered for this season and we have at no stage doubted that we will not be there this season.'

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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Friday July 12 2013

Time: 12:00PM


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