Sauber secure long-term future via Russian investment

Sauber secure long-term future via Russian investment

0745LW1D7385Sauber F1 Team’s long-term future appears to have been secured after three Russian companies confirmed their investment in the Swiss team early this morning.

The team’s financial crisis had been well-documented in recent weeks with Peter Sauber admitting that suppliers had not been paid, and Nico Hulkenberg was rumoured to have not been paid, thus terminating his contract with the team temporarily until investment was found. However, a solution appears to have been found.

The statement from Sauber reads:

“We are pleased to announce a partnership between the Investment Corporation International Fund, the State Fund of Development of North-West Russian Federation and the National Institute of Aviation Technologies with Sauber Motorsport AG, incorporation the promotion of the sport Formula One in Russia and jointly developing high-technological solutions.”

Interest in Russia is quickly rising, with the country’s first grand prix planned for 2014 at Sochi and Vitaly Petrov competed in the sport between 2010 and 2012.

However, a new Russian driver looks set to join the grid in 2014. As part of the deal, 17 year old Sergey Sirotkin has been incorporated into Sauber’s development programme in preparation of a full-time seat next season with the team.

Although this move does secure Sauber’s future, it remains to be seen just how stable this future is with over half of the season still to go ahead of a ‘new era’ at the team in 2014. Sirotkin’s inclusion in the deal may perturb many ‘pay driver’ critics, but the youngster is poised to become the youngest F1 driver ever should he make next year’s grid.

Image courtesy of Octane Photographic.

Luke Smith

Luke Smith

Luke Smith is the Editor-in-Chief and Founder of Richland F1. Having started the website in March 2012, he has gone on to become one of the youngest members of the Formula 1 paddock after joining American broadcaster NBC Sports at the beginning of the 2013 season. Luke now works as the network's lead F1 writer, supporting the TV coverage on nbcsports.com. Luke's work has also been featured on NBC News, Yahoo! Sports, Driven Magazine and the Bahrain Mirror, and he has also appeared on CNBC's TV series "One Second in F1 Racing".