Following a meeting of the BMW board on July 28, the company held at press conference the following morning in which it confirmed the team's withdrawal from Formula One at the end of 2009. Chairman Dr Norbert Reithofer described the decision as a strategic one.[18] The Formula One Teams Association released a statement in response pledging its support to help the team remain in F1.[19]
On 15 September 2009 it was announced that BMW Sauber had secured a buyer, Qadbak Investments Limited which said to represent European and Middle Eastern interests. However Lotus had been given the 13th and final slot in the 2010 Championship. The team were awarded what was termed a 14th entry, which hinges either on another team dropping out or all the other teams agreeing to allow 28 cars to enter the 2010 Championship.[20][21]
On November 22, Swiss newspaper SonntagsZeitung revealed that Qadbak's attempt to purchase the team had failed as it did not have the necessary funds. Qadbak turned out to be a shell company with no assets and no investors behind it.[22] On November 27, 2009 it was announced that Peter Sauber would repurchase the team conditional upon the team receiving a FIA entry for the 2010 season.[23] The FIA subsequently granted Sauber an entry on December 3.[24] The team used Ferrari engines in 2010.[25]
