The German manufacturer withdrew from F1 earlier in the year and announced Swiss investment company Qadbak would purchase the Hinwil-based team.
However, on Friday, BMW announced the Qadbak deal would not be completed, revealing that the team's former owner Sauber, who ran the squad from 1993 until four years ago, would purchase the team on the basis that it would be granted the 14th grid slot for the 2010 season.
'We are very happy with this solution,' said Dr Klaus Draeger, member of the board of management of BMW AG.
'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.'
This deal would mean job cuts for around 138 team personnel, however, Sauber said he is relieved to have found a solution that will hopefully guarantee the future of the team.
'It means we can keep the Hinwil location and the majority of workplaces,' said Sauber.
'I am convinced that the new team has a very good future in F1, whose current transformation with new framework conditions will benefit the private teams.
'Our staff here are highly competent and motivated, and I look forward to taking on this new challenge together with them.
'I would like to thank BMW for four shared years that have in the main been very successful.'
However, on Friday, BMW announced the Qadbak deal would not be completed, revealing that the team's former owner Sauber, who ran the squad from 1993 until four years ago, would purchase the team on the basis that it would be granted the 14th grid slot for the 2010 season.
'We are very happy with this solution,' said Dr Klaus Draeger, member of the board of management of BMW AG.
'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.'
This deal would mean job cuts for around 138 team personnel, however, Sauber said he is relieved to have found a solution that will hopefully guarantee the future of the team.
'It means we can keep the Hinwil location and the majority of workplaces,' said Sauber.
'I am convinced that the new team has a very good future in F1, whose current transformation with new framework conditions will benefit the private teams.
'Our staff here are highly competent and motivated, and I look forward to taking on this new challenge together with them.
'I would like to thank BMW for four shared years that have in the main been very successful.'
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