BMW has signed a contract to sell its Formula One BMW Sauber racing team to Qadbak Investments, a Swiss-based group representing Middle Eastern interests, the Munich-based carmaker has announced on its F1 website.

The announcement coincided with a statement from the Fédération Internationale de l’Automobile, motorsport’s governing body, that it intended to make room on the F1 grid from next season for the team, even though it had awarded its berth to a new entrant.