The future of the Sauber Formula One team has been secured following a takeover by a finance group based in Switzerland.
The team, which originally entered F1 in 1993, currently sit bottom of the constructors' championship with neither Marcus Ericsson nor Felipe Nasr scoring a point so far this season.
Also facing an uncertain financial future, the team has now been taken over by Longbow Finance, with founder Peter Sauber retiring from his position as chairman.
The team name will remain, and Monisha Kaltenborn - who will continue as the chief executive - welcomed the deal when it was announced on Wednesday.
'We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport,' she said in a statement.
'We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1.
'At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how.
'This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport. We are very grateful that Longbow Finance S.A. believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future.'
Sauber himself bought back the team he had originally entered into the sport after BMW - who had acquired the marque before pulling out of F1 in 2009 - and the 72-year-old praised his decision to keep the team alive.
'Monisha Kaltenborn and I yesterday signed an agreement which secures the future of the Formula 1 Team and the Sauber Group,' he said.
'I am very happy that my courageous investment to buy the team back, which I made six years ago, with the intention to secure the base in Hinwil and the place in Formula 1 has proved to be correct.'
Sauber are the only team not to record a points finish so far in 2016, with three 12th places their best result this year.
Ericsson and Nasr will at least be able to drive at this weekend's Hungarian Grand Prix with no immediate concerns over the future of the team.
- Daily Mail