Sauber has announced a change of ownership designed to safeguard the future of the cash strapped Formula 1 operation.

The team has been acquired by Swiss based company Longbow Finance SA in a deal which will see the its founder Peter Sauber retire from his role as president of the board of directors.

Sauber has been searching for fresh investment this season having been plagued by financial concerns, which saw the payment of staff salaries delayed for four consecutive months.

It has also been unable to upgrade its current C35 car and has been forced to pull out of the two in-season tests.

CEO Monisha Kaltenborn will continue to lead the team under its new ownership with the outfit to continue to operate under the Sauber name.

The squad joined F1 in 1993 before undergoing a name change when it became the factory BMW team from 2006-2010.

“Monisha Kaltenborn and I on Tuesday signed an agreement which secures the future of the Formula 1 team and the Sauber Group,” said Peter Sauber.

“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.”

Kaltenborn is confident this new partnership will allow the team to enjoy success on the track again.

“We are convinced that Longbow Finance SA is the perfect partner to again make the team competitive and successful in Formula 1,” said Kaltenborn.

“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.”