Sauber F1 Team Saddled With Reported $118M Debt Seeking Sponsors To Stay Afloat
The Sauber F1 team "is facing financial collapse with a reported debt of around €90M ($118M)," according to Helmut Uhl of BILD. The Switzerland-based team "is one of several F1 teams with severe financial problems." Team Founder & Co-Owner Peter Sauber said, "Actually, we are out of air. We are moving from branch to branch." If the team "does not acquire millions in sponsorships by the end of July, then it has to sell." Just its short-term liabilities from its suppliers are reportedly around €35M ($46M). Sauber: "If the suppliers stop supplying us before the old liabilities are paid off then we won't have the money to continue racing." The team's last hope seems to be Russian gas producer Gazprom, which is reportedly interested in investing around €30M ($39M) in Sauber. The only requirement is that Russian President Vladimir Putin "has to agree to the deal" by Sunday (BILD, 7/12).