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SBD Global/July 17, 2013/Franchises

Russian Investors Haven't Delivered Funds To Struggling Sauber F1 Team

The cash-stricken Sauber F1 team "has yet to receive any payments from its three new Russian investors," according to Nicola Pohl of BILD. However, the Switzerland-based team announced that it "has avoided financial collapse for the moment with the acquisition of three Russian investors on Monday." How "clean the deals really are remains to be seen." Swiss public broadcaster SRF correspondent Peter Gysling "has warned of the three investors on the show 'Tagesschau am Mittag.'" Gysling: "All three institutions are real and connected to the government. But there is only limited traceable activity. The so-called National Institute of Aviation Technologies was only involved in the development of non-flammable seats for trolley buses. It also isn't a government research institute, but a private company that ironically belongs to the father of 17-year-old future F1 driver Sergey Sirotkin" (BILD, 7/16).
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