Peter Sauber buys back shares

Peter Sauber has bought Red Bull boss Deitrich Mateschitz's 63% of the Sauber team for approximately $44 million and resold them to Swiss bank Credit Suisse. Twelve months ago Credit Suisse saved Sauber from what could have been...

Peter Sauber has bought Red Bull boss Deitrich Mateschitz's 63% of the Sauber team for approximately $44 million and resold them to Swiss bank Credit Suisse.

Twelve months ago Credit Suisse saved Sauber from what could have been financial problems by investing some $19 million into the Hinwil based team. With Sauber coming fourth in the 2001 Constructors' Championship it seems the Swiss bank considers taking over the majority of the shares as a sound investment.

"I am delighted about the course of the transaction,” Peter Sauber said.“ I made use of my right to first option to prevent the shares from ending up in undesirable hands. Credit Suisse will take over these shares in order to place them with suitable investors. It's my objective to secure by this transaction the financial basis of Sauber Holding and thus the key factor of success for the Sauber team on a long-term basis.”

Peter Sauber will continue to control the voting majority within the team and technical and personnel matters will remain under his power. With the differences of opinion between Sauber and Mateschitz resolved, Red Bull will remain as a team sponsor for 2002.

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About this article
Series Automotive , Formula 1
Drivers Peter Sauber
Teams Sauber