BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW Sauber F1 Team. The contract is subject to the condition that the team has a starting place for the 2010 Formula 1 season.
The Qadbak deal has collapsed but BMW has instead agreed to sell its Hinwil based formula one team back to founder Peter Sauber.
"The contract is subject to the condition that the team has a starting place for the 2010 formula one season," a statement issued on Friday by the German car manufacturer read.
BMW confirmed reports that the Qadbak sale "will not be completed", and revealed that as part of the newly announced buyout, Sauber's workforce will be cut from 388 to around 250 employees.
"Notices of redundancy have therefore been issued today," said the statement, adding that "further redundancies" may also be necessary in the near future.