Sauber F1 Team announces change in ownership, securing future

By Jul 20, 2016, 8:53 AM EDT
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Sauber has announced a change in ownership that secures the future of its Formula 1 operation and offers scope for growth in the future.

Sauber has operated as an independent team following the withdrawal of BMW at the end of 2009, but has struggled financially in recent years.

Earlier this year, the team failed to pay its staff on time, leading to questions about its long-term future as it continued to struggle at the back of the grid.

Team principal and shareholder Monisha Kaltenborn hinted that progress had been made in securing the future of the team, with a change in ownership being announced on Wednesday.

“The Sauber Group is pleased to announce the change of its ownership. Following the signing of the acquisition agreement with the current shareholders, Longbow Finance S.A. will fully acquire Sauber Holding AG which is the ultimate holding company of the Sauber Group,” a statement reads.

“It is Longbow Finance S.A.’s clear intention to stabilise the group and create the basis for a competitive and successful future. This transaction also secures the continuation of the brand Sauber in Formula One and will open opportunities to further grow the engineering activities of the group. There will be no changes to either the company or the team name.

“Peter Sauber will retire from all functions, being succeeded by Pascal Picci as Chairman of Sauber Holding A.G. Monisha Kaltenborn will remain as a member of the Board of Directors and continue to lead the company in her functions as CEO and Team Principal.”

“We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport,” Kaltenborn said.

“We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1. At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how.

“This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport.

“We are very grateful that Longbow Finance S.A. believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future.”

Team founder Peter Sauber added: “Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group.

“I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula 1 has proved to be correct.”

Ford Mustang GT3 test has Austin Cindric dreaming of Daytona: ‘I want to drive that car’

By Mar 22, 2023, 2:30 PM EDT
Cindric Ford GT3 test
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Austin Cindric wasn’t the “mystery” test driver behind the wheel of the new Ford Mustang GT3 at Sebring International Raceway, but the Team Penske driver desperately wanted to be.

Ford CEO Jim Farley, an amateur sports car driver himself, made the big reveal via a Tuesday tweet that provided the first video evidence of the GT3 Mustang on track.

“I’ve watched the video in question about a million times,” Cindric said Wednesday during a Ford Performance Zoom news conference to promote NASCAR’s first road course weekend of the season at Circuit of the Americas. “Definitely exciting times for sure. I want to drive that car. It suits my experience level and also the relationships that I have.”

Ford will enter the IMSA WeatherTech SportsCar Championship next season with its GT3 Mustang, entering a two-car factory effort (that will be managed by Multimatic) in GTD Pro and making customer cars available in the GT Daytona category.

That increases the likelihood of seeing more NASCAR drivers crossing over to IMSA. Cindric has been the only full-time Cup driver in the Rolex 24 at Daytona the past two years, but Ford Performance global director Mark Rushbrook has said the GT3 Mustang will provide more opportunities.

Ford has used its GT4 Mustang as a NASCAR driver development tool in the IMSA Michelin Pilot Challenge with Harrison Burton and Zane Smith combining to win the season opener at Daytona International Speedway in January.

“We’re excited about the Next Gen car and the new architecture there and the similarities between that car and GT3 and even GT4 cars,” Rushbrook said at the announcement of the Ford GT3 program in January 2022 at Daytona. “We think it’s a great opportunity and to do be able to do that in a 24-hour race and get NASCAR drivers even more time is something we need to consider taking advantage of that opportunity.”

Given his sports car background, Cindric probably still would be in the Rolex 24 regardless. He has eight IMSA starts since the 2017 season opener at Daytona, racing a Lexus RCF GT3 and Mercedes-AMG GT3 in the GT category. The 2022 Daytona 500 winner made his second LMP2 start this year with Rick Ware Racing.

But Cindric’s preference naturally would be in a Ford, particularly with sports car racing enjoying convergence and crossovers in both GT and prototype racing.

“It’s an exciting time in GT racing, just as it is now for prototype racing with a lot of new regulations and manufacturers building new GT3 cars,” he said. “And also the opportunity with WEC (the World Endurance Championship) and Le Mans and how that all lines up for that category of car. It’s definitely an exciting time. I want to be as much of a part of that as possible.”

Though those odds seemingly will increase with multiple Ford entries in the Rolex 24 field next year, Cindric said NASCAR drivers still have to put in the networking to land rides as he has in recent years.

“Now how (the GT3 Mustang) relates to specifically NASCAR drivers and how often they want to be in the Rolex, could it be an influence? Absolutely, as far as the tie-in with the manufacturer,” Cindric said. “But the challenge and the drive and the logistics of getting an opportunity for a race like the Rolex 24 will be just as challenging as it always is to find your one-off ride for the race. At least from my experience, that’s what I still anticipate.”

It turned out the “mystery” test driver wasn’t from NASCAR (Farley revealed the driver to be 24 Hours of Le Mans winner Joey Hand after a fan asked whether it was Joey Logano).

But Cindric believes there could be more Cup drivers — and perhaps himself — behind the wheel of Mustang GT3s in the future.

“There’s definitely more of a pathway than I think there would be before as far as Ford drivers are concerned,” he said. “Hopefully, I’ll get the opportunity to drive that thing. It’s obviously a great looking car. That’s the first box you’ve got to check. And it’s cool (to have) a guy like Jim Farley, no doubt he’s a racer just as much as he is steering the ship for Ford. It’s cool to see he’s just as excited as the rest of us about it.”