BMW has sold its Formula One team back to original owner Peter Sauber after the initial sale to Qadbak Investments fell through. Although no financial details were revealed, the deal to buy back the team was completed on Thursday, but is subject to the team securing a place on the 2010 grid.

A further agreement between the parties will see a 35% cut in jobs, from 388 to 250 personnel, in order to ensure the future of the team and to comply with future regulations of a cap on team employees. The team has already begun to issue redundancy notices, but warned that further job losses could be in the pipeline.

After months of speculation regarding the sale of the team to Qadbak Investments, BMW revealed that the sale would not be completed. “the sale to Qadbak Investment Ltd. that was initially planned will not be completed,” read a statement.

“We are very happy with this solution,” said Klaus Draeger, Member of the Board of Management of BMW AG. “This fulfils the most important requirement for a successful future for the team.

“Our relationship with Peter Sauber has always been excellent and marked by absolute respect. We would like to express our thanks to Peter Sauber and the whole team for the excellent cooperation during the recent four years.”

Peter Sauber was relieved to have purchased his old team, and saved 250 jobs in his home town. “I am very relieved that we have found this solution. It means we
can keep the Hinwil location and the majority of workplaces,” he said.

“I am convinced that the
new team has a very good future in Formula One, whose current transformation with
new framework conditions will benefit the private teams. Our staff here are highly
competent and motivated, and I look forward to taking on this new challenge together
with them.

“I would like to thank BMW for four shared years that have in the main been
very successful.”

Despite Toyota's recent withdrawal from Formula One, Sauber may still be without a place on the 2010 grid. Rumours are suggesting that Toyota has sold its F1 team and grid slot, meaning the new outfit will take the place of the Japanese manufacturer, leaving Sauber without a place as teams refuse to expand the grid to 14 teams.