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SBD Global/July 22, 2013/Franchises

Russian Investors To Reportedly Put $499M Into Cash-Stricken Sauber F1 Team

The Sauber F1 team's debt of CHF 105M ($112M) "will soon be erased as its new Russian investors will invest" a reported CHF 470M ($499M) in the team, according to BLICK. So far, the Russians "have not paid one cent" -- the money "will arrive by the end of August at the earliest." The team's structure "will remain the same." Team Founder Peter Sauber will keep the majority of shares, and the team's headquarters, including wind tunnel, will stay in Hinwil, Switzerland. However, the new investors will not be completely unselfish and demand a seat on the board. In addition, the time of Team Principal Monisha Kaltenborn "seems to be running out." When, and who, "will replace her is still up in the air" (BLICK, 7/21).
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