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Motor racing-BMW agree deal with Peter Sauber to save F1 team

Fri Nov 27, 2009 6:03am EST

LONDON, Nov 27 (Reuters) - BMW have cancelled the planned sale of their Formula One interests to Qadbak Investments and agreed a new deal with Peter Sauber to save the team, the carmaker said in a statement on Friday.

"Yesterday, BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW-Sauber F1 team," BMW said. "The contract is subject to the condition that the team has a starting place for the 2010 Formula One season."

"This means that the sale to Qadbak Investment Ltd. that was initially planned will not be completed."

(Reporting by Alan Baldwin, editing by Justin Palmer; To query or comment on this story email sportsfeedback@thomsonreuters.com)

((alan.baldwin@thomsonreuters.com; +44 20 7542 3321; Reuters Messaging: alan.baldwin.reuters.com@reuters.net. For the new Reuters sports blog Left Field go to: blogs.reuters.com/sport))

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