F1 team BMW Sauber bought by Swiss firm

Formula One team BMW Sauber has been bought by Swiss firm Qadback Investments Ltd for around 80 million euros (116.8 million US dollars).

The agreement was signed on Tuesday and the team will continue to be based in Hiwil, Switzerland, with engines provided by Ferrari.

There is no news whether BWM Sauber's current drivers Nick Heidfeld of Germany or Robert Kubica from Poland will continue racing for the new team.

The German company had revealed earlier this year that it will quit Formula One at the end of the season, and had been in talks with interested parties.

Tuesday's news coincides with the announcement Formula One rivals Lotus beat off a bid by BMW Sauber to be named as the 13th team to compete in next year's World Championship.

FIA said it had received an impressive application from the BMW Sauber Team but because of uncertainty over future ownership given that BMW has announced it will withdraw its support in 2010, Lotus was granted the 13th spot.

BMW Sauber were, however, handed the 14th place should a vacancy arise on next season's grid.

The news a new sponsor has been found will strengthen the new team's position as FIA added that "a good case can be made for expanding the grid to 14 teams".