16 Sep 2009

BMW sell F1 team to Swiss-based Qadbak

6:40 pm on 16 September 2009

BMW has sold its Formula One motor racing team to Qadbak Investments, a Swiss-based foundation representing unnamed Middle Eastern interests, and expects it to compete next season despite losing a guaranteed slot.

In July, Qadbak bought Notts County, England's oldest Football League club, through their Munto Finance company. The fourth division team have appointed former England manager Sven-Goran Eriksson as director of football and bought former England defender Sol Campbell.

The Munich carmaker put the team up for sale after announcing in July they were pulling out of the sport at the end of the season.

The team, whose new name has yet to be revealed, has no guaranteed slot on the starting grid for 2010 after the governing International Automobile Federation decided to give the place to Malaysian-backed Lotus F1.

However, the FIA said BMW-Sauber had been given a 14th place as reserve in case any of the other teams already signed up for 2010 decided to withdraw before the start of the season.

Four new teams - Manor, US F1, Campos F1 and Lotus F1 - are due to make their debuts next season.