| MUMBAI:
German car maker BMW has reached an agreement with Peter Sauber regarding the
sale of the BMW Sauber F1 Team which he founded. The
contract is subject to the condition that the team has a starting place for the
2010 Formula 1 season.
The
team is not guaranteed a place on the 2010 grid because they failed to sign the
Concorde Agreement in July. However after Toyota left F1, there is a spot now
available. A
further agreement with Sauber proposes personnel cuts from the current level of
388 to around 250 employees. The restructuring of the team and compliance with
future framework conditions have made this essential. Notices of redundancy have,
therefore, been issued.
BMW says that it regrets the need for these personnel cutbacks and will support
the restructuring. At this moment in time, due to the restructuring of the team,
it is not possible to exclude the possibility of further redundancies in the near
future. | 
