“I will be responsible for the motor sport activities of BMW in the future. Peter Sauber now takes control and will lead the (F1) team. For me it is an end and a new era (for Sauber) begins.” said Theissen.

The FIA has yet to confirm if the Hinwil-based team has an entry for the 2010 Formula One season, which was a condition laid down by BMW in order for the buyout to be completed. BMW initially agreed the sale of its Sauber F1 Team in the summer to Swiss foundation Qadbak, however allegations of fraudulent behaviour by a senior member of the foundation made the German marque reconsider its buyout plans for the future.

So what next for Theissen?

BMW announced on Friday that it would be dramatically scaling back it’s activities in the FIA World Touring Car Championship (WTCC) for 2010, but we are hearing that a switch towards endurance racing might well be on the cards, especially with the latest M3 GTS road car arriving next spring.

What this means for the future of the F1 Team and it’s place in the 2010 season is as yet uncertain, but it should result in jobs being saved at the ex-Sauber factory.

UPDATE: Press release from BMW Sauber F1: “We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship. The team expects to line up on the grid for the first race of the 2010 season.”

Reporter: Tony Braybon