BMW has announced that it will sell its F1 team back to Peter Sauber, after the sale to Qadbak Investment fell through recently. Sauber will only buy the team if they have a confirmed slot on the grid for 2010.

A happy Peter Sauber said of the announcement:

I am very relieved that we have found this solution. It means we can keep the Hinwil location and the majority of workplaces. I am convinced that the new team has a very good future in Formula One, whose current transformation with new framework conditions will benefit the private teams."

- Peter Sauber

It's not all good news though, with the announcement that the operation will be cutting over 100 jobs, and couldn't rule out the possibility of more in the future.

The condition of a grid slot is still a very real one too, as Mario Theissen spoke out recently confirming they didn't have any more news on that front and they didn't know if they would get one.