BMW has announced that the Qadbak Investments company has agreed to purchase the Formula 1 team based in Hinwil. The German company had revealed earlier this year that it will quit Formula 1 at the end of the season, and had been in talks with interested parties since then.

Today, BMW said it had signed the contract to sell the team to Qadbak, a Swiss-based foundation which represents the interests of certain Middle East and European-based families.

"A strong investor has therefore been found for the Hinwil-based team," BMW said in a statement. "Qadbak's interest in the team will be represented by Lionel Fischer, a Swiss national. BMW wishes Qadbak and the Sauber Team every success for the 2010 season and beyond."

The sale of the team coincides with the FIA having announced the 13th entry for the 2010 championship went to the Lotus outfit, with BMW as a possible 14th entry in case a current team fails to race next year. The FIA also said it would talk to the teams about the possibility of increasing the grid size to 28 cars to allow the Hinwil squad to race next year.