September 15, 2009 / 11:23 AM / 8 years ago

Motor racing-BMW F1 team sold to Swiss-based investment group

LONDON, Sept 15 (Reuters) - BMW has agreed to sell its Formula One team to Swiss-based Qadbak Investments, the Munich carmaker said on Tuesday.

“The contract was signed today,” BMW said in a statement, adding that Qadbak represented the interests of “certain Middle Eastern and European-based families”.

“A strong investor has therefore been found for the Hinwil-based team. Qadbak´s interest in the team will be represented by Lionel Fischer, a Swiss national,” it added.

(Reporting by Alan Baldwin, editing by Ken Ferris

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