BMW sold the F1 team to Peter Sauber on the condition they will compete in the 2010 championship.

Dr. Klaus Draeger, boardsmen at BMW, is very pleased with the deal and stated: “This fulfils the most important requirement for a successful future for the team. Our relationship with Peter Sauber has always been excellent and marked by absolute respect. We would like to express our thanks to Peter Sauber and the whole team for the excellent cooperation during the recent four years.“

Financial details are unknown but of the 388 people currently employed, only 250 will remain.

Last week BMW annouced that they are leaving Formula 1 next season. A dutch newspaper, De Telegraaf, reported that they refused an offer from Peter Sauber.

The current BMW-Sauber team should have already been saved according to the Swiss. Sauber owns 20 percent of the stocks.

“We ended negotiations with BMW due to high financial demands.” On the other hand BMW is still reporting to be negotiating with Sauber and other possible buyers on the sale of their stocks (80 percent)