Sauber’s difficulties have been well documented over the past few years, with meagre resources limiting development and upgrades to the 2016-spec C35.

As the only team yet to score a point this year, the Swiss outfit currently sits 11th and last in the Constructors’ championship.

The change of ownership will see team founder Peter Sauber, who entered F1 with his eponymous squad in 1993, step down and be replaced by Pascal Picci, the President & CEO of Longbow Finance S.A., while Monisha Kaltenborn will continue to serve as team principal.

“As a Swiss company, we are very pleased with having secured the future of a Swiss presence in a highly specialized and innovative industry,” Picci said upon the announcement.

Kaltenborn, who recently told F1i that new investment is “long-term thinking” for the team, added: “We are very pleased that by reaching an agreement with Longbow Finance S.A., we can secure the future of Sauber at the pinnacle of motorsport.

“We are convinced that Longbow Finance S.A. is the perfect partner to again make the team competitive and successful in Formula 1. At the same time the new structure will allow us to finally further expand our third party business in which we commercialise our know-how.

“This solution is in the best interest of our employees, partners, loyal suppliers, the base in Hinwil and for the Swiss motorsport. We are very grateful that Longbow Finance S.A. believes in the competences, efficiency and capabilities of Sauber Group, and we look forward to a new exciting future.”