The German car manufacturer BMW on Tuesday said it has sold its Hinwil based formula one team BMW-Sauber to a Swiss-based foundation.
A media statement described the buyer, Qadbak Investments, as representing "the interests of certain Middle East and European based families".
"The contract was signed today," said BMW, also revealing that Swiss national Lionel Fischer will head Qadbak's interest.
Earlier on Tuesday, F1's governing body announced that while BMW-Sauber has not been granted a definite spot on the 2010 grid, it is first in line for an entry should any of the 13 confirmed teams pull out.
The team, founded by Peter Sauber in 1993, will also be allowed to race next year if other teams agree to expanding the grid to 28 cars.
