Peter Sauber has reached an agreement on the sale of the BMW Sauber F1 Team. The agreement is subject to the condition that the team is given a starting place for the Formula 1 season in 2010.

The German car maker had announced earlier this year that it was pulling out of Formula 1, and had agreed a deal with Swiss company Qadbak, to run the team in the future. However BMW said this morning that the deal with Qadbak could not be completed, although they haven’t cited reasons why this was the case.

Dr. Klaus Draeger, Member of the Board of Management of BMW AG responsible for development, said this morning: “We are very pleased with this solution. Thus the most important prerequisite for a successful future of the team is satisfied. Our relationship with Peter Sauber has always been excellent and marked by the highest respect. We would like to thank Peter Sauber and the whole team for their excellent cooperation during the past four years. ”

Peter Sauber said: “I am very relieved that we have found this solution so that we can get to save Hinwil and most of the jobs. I am convinced that the new team will have a very good future in Formula 1, which is now developing in favour of private teams. We have skilled, motivated employees, and I am happy to accept them, together with the new challenge. I wish to thank BMW for four very successful years. ”

The deal assumes that the current BMW Sauber F1 team will be reduced from 388 to around 250 employees, however the team said that further layoffs cannot be excluded in the near future.