Sauber has secured its long-term future in Formula 1 after confirming three Russian companies have invested in the team.
The announcement is welcome news in the paddock after the Swiss outfit looked likely to fold before the end of the season due to financial problems.
The trio of companies are Investment Corporation International Fund, the State Fund of Development of Northwest Russian Federation and the National Institute of Aviation Technologies. It’s believed the ownership share and management structure will remain the same.
“We are pleased to announce a partnership between the Investment Corporation International Fund, the State Fund of Development of North-West Russian Federation and the National Institute of Aviation Technologies with Sauber Motorsport AG, incorporating the promotion of the sport Formula 1 in Russia and jointly developing high-technological solutions,” read a statement.
“With the National Institute of Aviation Technologies, one of the leading scientific research institutions in Russia, the Sauber F1 team will benefit from the advanced know-how of the front-end Russian scientists and engineers.
“The objective of the partnership is to open up new perspectives and revenue streams by commercialising jointly developed technologies.”
The deal comes a year prior to the inaugural Russian Grand Prix and with the country keen to see a Russian driver on the grid, the deal includes 17-year-old Sergey Sirotkin joining Sauber’s development programme.
