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 Rank: Pro Groups: Joined: 24/08/2009 Posts: 48,827 Points: -13,348
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Sauber is in financial trouble.
They have unpaid bills and its creditors have lodged a case with the Debt Enforcement Office. Some reports suggest that the team needs £20m to see out the season.
Sauber have 10 days to respond, settle the debt, ignore it or object to the claim.
Ignore means that assets to the value of the debt will be secured, while objecting is an option if a company believes the claim is fraudulent or simply wants to stall the process somewhat.
It is not a winding up petition or an attempt to shut down the team, but to seize assets to repay the debts.
At this stage its not known how Sauber has responded.
A Russian billionaire rescue package is being talked of, though no official news yet.
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Rank: Pro Groups: Joined: 24/08/2009 Posts: 48,827 Points: -13,348
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Oh dear!!   I hope they get through this rough patch as I think Sauber have been a great middle team and it would be such a shame if they went under?
I bet Nico Hulkenberg is wishing he'd stayed at Force India now?!  
Kev 
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Rank: Pro Groups: Joined: 24/08/2009 Posts: 48,827 Points: -13,348
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Sauber rescued and a teenager from Moscow will drive for Sauber in 2014 as part of the Russian rescue package.
Sergey Sirotkin is just 17 but is already competing in the Formula Renault 3.5 single-seater series for F1 wannabes.
He is expected to replace Nico Hulkenberg at Sauber as the highly-rated German is thought to be moving on.
The rescue package has hauled the Swiss-based team out of a deep financial hole, with founder Peter Sauber admitting payments to some suppliers have been delayed.
A major cash injection has come from three Russian bodies — the Investment Cooperation International Fund, the State Fund of Development of the North-West Russian Federation and the National Institute of Aviation Technologies.
The partnership will promote Russia’s inaugural Grand Prix next year and aims to boost the nation’s young drivers.
A Sauber statement said: “In particular, a development programme will be set up for the Russian driver Sergey Sirotkin to prepare him as a racing driver for the team in 2014.
“This extensive co-operation will showcase Russian innovation at the pinnacle of motorsport.
“At the same time, the Sauber F1 Team will have a solid foundation to increase its competitiveness on a long-term basis.”
Sauber said more details of the deal would be revealed later.
They have never won a Grand Prix as an independent team since joining the F1 field in 1993.
But a BMW-Sauber took victory in Canada in 2008 with Robert Kubica driving.
Peter Sauber admitted the team’s financial predicament had been “serious” before the Russians stepped in.
He said: “It was one of the most difficult situations since I’ve been in motorsport.”
He added this year’s car was “too slow” at the beginning of the season and development had been hindered by a shortage of cash.
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Rank: Pro Groups: Joined: 24/08/2009 Posts: 48,827 Points: -13,348
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That's great news and I'm so pleased for Peter Sauber, his team has always been one of the sloggers in the twenty years that he has competed and really deserves more success? Hopefully that will now be a possibility with the influx of all those Russian Roubles?!
How good must that Russian driver be to get where he is at just 17 years old? Maybe another Kimi who was so young when he started and I remember they all questioned whether he should be given a 'Super Licence', but then blew away some established drivers from the word go? I just hope the Russian boy doesn't end up as another Vitaly Petrov!!
Kev
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Rank: Pro  Groups: Registered
Joined: 01/07/2011 Posts: 383 Points: 1,194 Location: Birmingham
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Currently he doesn't qualify for a super license under the rules but im sure a few pound notes Bernies way will help the process!
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Rank: Pro Groups: Joined: 24/08/2009 Posts: 48,827 Points: -13,348
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Seems there are others that might be heading for trouble..
Bernie Ecclestone has ruled out the idea of a bailout for the Sauber team as the Swiss based outfit deals with major financial difficulties.
It is reported that Sauber have not paid suppliers or driver Nico Hulkenberg for a few months with the German driver activating a termination clause in his contract.
Ecclestone has been known to help teams in major financial troubles, but when asked by Swiss broadcaster SRF he replied: "We have agreements that require us to treat all the teams equally."
Ecclestone did suggest however, that Sauber's best option could be to sell up saying: "They're a good team and I'm sure there is more than one possible buyer.
"I don't want to imagine F1 without Sauber. Ideally, they will find new sponsors in the long term, but even companies who are willing to support them in the short term would be fine," the F1 chief executive added.
"The team deserves to be helped," said Ecclestone.
"I don't know exactly what their financial situation is, but I know it's not as good as it should be."
The 82-year-old admitted also that Sauber is not the only team struggling financially.
"There are others," said the Briton, "that are spending more money than they have."
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