BMW bets on success with Sauber F1 team

BMW will enter its own racing team on the Formula One circuit as early as the 2006 season after buying a majority stake in Swiss team Sauber, the world's largest premium carmaker said yesterday.

The name of the new team, the driver line-up and the revamp in key positions will be resolved by the takeover date of January 1.

"For the first time in company history, BMW will be competing independently in Formula One," it said in a statement.

Unhappy with the disappointing performances from its partnership with Williams, BMW said it sees a greater chance to race for the championship by playing a greater role beyond just supplying engines.

"Success in Formula One increasingly depends on the perfect interplay of all factors," said Burkhard Goeschel in a statement.

"With a team managed by BMW we will, as of next year, take on responsibility for the entire package, which will include the key factors of the chassis, tyres and drivers," the BMW management board member in charge of Formula One continued.

For Frank Williams, the German company's decision to focus its attention on Sauber is a slap in the face.

"Regrettably, sadly, the relationship has been just too hostile for too long," Williams said on June 10.

Sauber, which made its Formula One debut in 1993, is one-third controlled by team chief Peter Sauber and two-thirds owned by Credit Suisse.

The deal provides for Credit Suisse to sell its holding over the next three years. Sauber will hold on to a stake in the team of about 20 per cent.

BMW motor sport head Mario Theissen said he was impressed with the performance at Sauber and believed the team provided a strong basis for the future.

"The results achieved there (at Sauber) so far are worthy of respect in the light of the team's limited budget," he said.

Goeschel said he would discuss future options with Williams to chart a path going forward. BMW is under contract with the team to supply engines until 2009.