BMW has officially announced that it has sold its Formula 1 team back to Peter Sauber and that the deal with Qadbak will not proceed further. This is good news as there should not be any reason for the FIA and other teams not to give Sauber the green light to race in 2010.

“We are very happy with this solution. 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,” said Dr Klaus Draeger, Member of the Board of Management of BMW AG.

Peter Sauber added, “I am very relieved that we have found this solution, it means we can keep the Hinwil location and the majority of workplaces. I am convinced that the new team has a very good future in Formula 1 whose current transformation with new framework conditions will benefit the private teams.” A further agreement with Peter Sauber proposes personnel cuts from the current level of 388 to around 250 employees.

There should be a total of 13 teams now, meaning 26 cars on the grid so it should be an exciting season. Furthermore with the team returning back to Peter Sauber, Petronas is likely to maintain its position as a sponsor, probably becoming the title sponsor again.