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Peter Sauber Net Worth

How rich is Peter Sauber?

Peter Sauber Net Worth:
$100 Million

Birth date: October 13, 1943
Birth place: Zürich, Switzerland
Nationality: Switzerland
Source: Wikipedia & Freebase

Peter Sauber wiki & biography:

The Do This, Get That Guide On Motorsports

Peter Sauber is a Swiss entrepreneur that has an estimated net worth of $100 million. He’s best known as the owner of many motorsports teams like the eponymous Sauber Formula One team.

Mr. Sauber started his career in motorsports when he became a car salesman in Switzerland after he was trained as an electrician. His involvement in the motorsports industry was fairly paradoxical considering that racing was banned in Switzerland after the Le Mans catastrophe of 1955.

In 1991, Peter Sauber came to the arena of Formula One when he began an F1 team with Harvey Postlethwaite. Motorsports designed an F1 car and Mercedes funded a vast new factory in Hinwil. In 2005, his team was got by BMW and he retained a 20% ownership of the group. It was renamed BMW Sauber where he took a background advisory role. In 2009, BMW announced its withdrawal from Formula One racing. Peter still worked to keep the team going despite the exit of 2009’s primary patron. BMW ended up selling back the team in full to Peter after a conversation that another company is interested to purchase the team.
Peter Sauber (born 13 October 1943 in Zurich, Switzerland) is the retired team principal and owner of various motorsports teams, most visibly the eponymous Sauber Formula One team.

In November 1991 Mercedes decided against direct engagement and so Sauber entered F1 by itself in 1993, with drivers JJ Lehto and Karl Wendlinger powered by engines constructed by Ilmor but rebadged as Saubers. Sauber did convince Mercedes to enter F1 in 1994 but a year after the German business did a deal with McLaren, leaving Sauber to become the Ford F1 works team. This is followed by means of a deal with the Malaysian oil company Petronas in 1995 and the organization of an engineering business called Sauber Petronas Engineering to design and construct V10 engines. The business started buying old Ferrari engines and rebadging them as Sauber Petronas V10s but the F1 engine plan itself was scrapped in 1998. Recently Sauber has been quite successful with the team finishing fourth in the World Championship in 2001 and fifth in 2002 despite having a considerably smaller budget than many of its own competitions. The team yet never scored a race win. In June 2005, BMW got the leading shareholding stake in the Sauber team from Credit Suisse, which owned more than 60% of the team from a yearly deal Peter Sauber began in 1994 selling a majority position of his team to his important sponsor. It had been done with Peter Sauber’s approval, the team was known as BMW Sauber and Peter took a background advisory function within it, retaining a 20% stake in the team. Formula One 2011 Rd.15 Japanese GP: Sergio Prez (Sauber) overtaking Kamui Kobayashi (Sauber). In July 2009, BMW declared its withdrawal from Formula One in the end of the season. Peter Sauber worked with BMW to create a rescue package that would allow the team to continue in the sport without producer ‘s support. Qadbak Investments Ltd were believed to have purchased the team, but on 27 November 2009 it was announced the Qadbak deal had fallen through and BMW had instead reached an agreement to offer the whole F1 operation back to Peter Sauber. This deal would just go ahead when the team was granted a place on the 2010 grid by the FIA. On 3 December 2009, the FIA declared it’d supported Sauber’s entry for the 2010 season had been given, and Sauber recovered ownership of the team. In October, it was declared that Sauber was stepping back from the day to day running of his team, promoting Kaltenborn to the team principal’s position. He remains President of the Sauber Group’s board of directors.

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