"This extensive cooperation will showcase Russian innovation at the pinnacle of motor sport," said Sauber.
Jul.15 (GMM) Amid reports the Swiss team is on the brink of collapse, Sauber on Monday announced a Russian tie-up.
A day after Peter Sauber confirmed he and team boss Monisha Kaltenborn recently travelled twice to Moscow, the embattled team announced deals with the "Investment Cooperation International Fund, The State Fund of Development of North-West Russian Federation and the National Institute of Aviation Technologies".
Sauber said the deal will involve "the promotion of the sport in Russia", the inaugural Russian Grand Prix next year, and the development of technology that will "open up ... new revenue streams".
The statement also said Russian driver Sergey Sirotkin, who is 17, will be prepared "as a racing driver for the team in 2014".
"This extensive cooperation will showcase Russian innovation at the pinnacle of motor sport," said Sauber. "At the same time, the Sauber F1 Team will have a solid foundation to increase its competitiveness on a long-term basis."