Formula One outfit Sauber has announced a partnership with three Russian institutions in a move that should help alleviate the team’s financial concerns.
The Swiss team said it has partnered with the Investment Cooperation International Fund, the State Fund of Development of North-West Russian Federation and the National Institute of Aviation Technologies in a deal incorporating the promotion of Formula One in Russia and the joint development of “high-technological solutions”.
The National Institute of Aviation Technologies is one of the leading scientific research institutions in Russia. Sauber said the objective of the partnership is to open up “new perspectives and revenue streams” by commercialising jointly developed technologies.
The partnership includes further activities for the promotion of the inaugural Russian Grand Prix in Sochi in 2014 and attracting young Russians to motorsport. In particular, a development programme will be set up for Russian driver Sergey Sirotkin to prepare him as a racing driver for the team in 2014.
Sauber said in a statement: “This extensive co-operation will showcase Russian innovation at the pinnacle of motorsport. At the same time, the Sauber F1 Team will have a solid foundation to increase its competitiveness on a long-term basis.”
Sauber has been enduring financial difficulties of late and has been seeking new partners. Team founder Peter Sauber acknowledged the problems at the weekend. He told the Blick newspaper: “The situation is serious. It is one of the most difficult situations since I've been in motorsport.”
Sauber said further details of the new partnership will be revealed at a later stage.