MOSCOW, July 21 (R-Sport) - The Sauber Formula One team’s new tie-up with Russian organizations is worth half a billion dollars, Swiss newspaper Sonntagszeitung reported Sunday.
Earlier this week, the financially-troubled Swiss team said it had agreed a deal with three Russian organizations that included putting 17-year-old driver Sergei Sirotkin in line for a race seat next year.
He would be the youngest driver in F1 history if he debuts at the first race of next season.
The deal is worth 470 million Swiss francs ($500 million), the newspaper reported citing unnamed sources, and said Russian interests would take a stake in the team, although founder Peter Sauber would retain a majority.
Sauber, who have garnered a reputation as solid midfield runners in their 20 years in F1, had been looking for a partner following serious financial problems in recent months that meant some suppliers went unpaid.