Swiss-based foundation to buy BMW Sauber

Swiss-based foundation Qadbak Investments Ltd will buy the BMW Sauber Formula One team under an agreement signed today.

BMW AG gave no financial details of the sale, but 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.

BMW announced earlier this year that it was pulling out of the sport in 2010.

Earlier today, Formula One's governing body turned down an application from BMW Sauber for a place on the grid next season — noting that BMW's previous announcement left uncertainties over the team's future ownership.

However, it said the team had made a "high quality" application and that it would be entitled to fill any vacancy that arises.

"We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship," BMW said in a statement. "The team expects to line up on the grid for the first race of the 2010 season."