The BMW Sauber team pose at the end of the season believing it was their F1 swan song [GALLO/GETTY]

The deal is subject to the Switzerland-based team securing a berth in the racing series next year, BMW said today in a statement.

BMW said the agreement meant that "the sale to Qadbak Investment Ltd. that was initially planned will not be completed."

The announcement of the deal came as Force India announced they are retaining Adrian Sutil and Vitantonio Liuzzi as their drivers for the 2010 Formula One season.

F1 future

"Yesterday, BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW-Sauber F1 team," BMW said in a statement.

"The contract is subject to the condition that the team has a starting place for the 2010 Formula One season."

The statement added that a further agreement with Sauber would cut the workforce at the Hinwil factory from 388 people to around 250.

BMW, who bought an 80 percent stake in the Swiss-based Sauber team in 2005, announced in July that they were pulling out of Formula One.

In September, they agreed a deal to sell the team to Qadbak, who were described as representing unnamed Middle Eastern interests.

Qadbak had also bought fourth division Notts County, England's oldest football league club, through their Munto Finance Company.

BMW-Sauber have since lost their guaranteed place on the 2010 starting grid to Malaysian-backed Lotus F1 but were thrown a lifeline by Japanese car giant Toyota's decision this month to also leave the sport.

However, the governing FIA has yet to confirm the team as the 13th entry, amid concerns about finances and individuals linked to the proposed Qadbak takeover.

"We are very happy with this solution," BMW management board member Klaus Draeger said in the statement.

"This fulfils the most important requirement for a successful future for the team.

"Our relationship with Peter Sauber has always been excellent and marked by absolute respect."

Sauber, who first entered Formula One with his team in 1993 and had retained a 20 percent stake after the 2005 takeover, said he was relieved.

"It means we can keep the Hinwil location and the majority of workplaces," he said.

The team, who were led by Mario Theissen last season, have yet to name any drivers for 2010 while sponsorship deals have also been put on hold due to the uncertainty about their future.

Force India

The Force India Formula One team named Germany's Adrian Sutil and Italian Vitantonio Liuzzi on Friday in a 2010 line-up unchanged from the one that finished
the season.

"We are very pleased to retain the services of both Adrian and Tonio for another season,'' team owner Vijay Mallya said on Friday.

"Consistency is key at this stage in the team's development and for the first time in many years we will have the continuity of not only the same drivers, but also the same engine and senior management.

"With this stability now in place I truly believe we have an excellent platform to build on and move forward on our strong 2009 performance.''

Force India finished ninth out of 10 teams with 13 points in the constructors' championship.