If given the green light to race in 2010, the team currently known as BMW-Sauber will be equipped with Ferrari engines and transmissions, it is reported in the German press.

If given the green light to race in 2010, the team currently known as BMW-Sauber will be equipped with Ferrari engines and transmissions, it is reported in the German press.

Publications including Sport Bild said the transaction selling the Hinwil based outfit to the mysterious Swiss-based foundation Qadbak is for 80 million euros.

Little is known about Qadbak Investments Ltd except that it represents "certain Middle Eastern and European-based families". Earlier this year through a subsidiary it bought the English football club Notts County.

BMW-Sauber's parent BMW AG made the press announcement on Tuesday, and a spokesman for the Swiss based team has now said: "The team expects to line up on the grid for the first race of the 2010 season."