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BMW Buys Sauber F-1 Team

The German automaker BMW has acquired the Sauber Formula One team and will race the cars next season under its own name.

Sauber and Credit Suisse Bank sold a majority interest in the Formula One team to BMW effective January first of 2006.

The German automaker will enter a new BMW-managed team in Formula One in next year's Grand Prix championship.

Sauber team owner Peter Sauber said the partnership offers a chance to improve on his team's performance and safeguards his people's jobs. The team boss also said that fielding a Formula One team has become too expensive in recent years.

The move is a setback for the British Williams racing team, which has used BMW engines since 2000. BMW's deal to supply engines to Williams expires at the end of this season.

Some information for this report provided by AP.