Frankfurt - German car maker BMW has agreed to sell its Formula One team to previous owner Peter Sauber, provided the team gets a place on the grid in the next season.
BMW earlier this year decided to pull out of Formula One racing. The company said Friday that a previous agreement to sell the team to Qadbak Investments has been annulled.
The team is based in Hinwil, Switzerland. The number of employees will be cut from 388 to about 250, BMW said.
BMW acquired a majority stake in Sauber in 2005.