Switzerland's periodical SonntagsZeitung is reporting that BMW and Peter Sauber were "scammed" by Russel King, who was convicted of fraud in the UK in the 1990s. Mr. King is said to be behind Quabak Investments, the group who agreed to buy the team from BMW. However, rather than being an investment firm representing Middle Eastern and European families, instead Quabak Investments appears to be just a collection of shell companies.
It also appears that Bahrain Capital International, the bank that was serving as guarantor for the sale, is not backed by the Bahrain royal family but instead shares an address and phone number with other businesses.
If they had been successful in securing the team, "Quabak Investments" evidently could have laid claim to some €40 million in revenue from Formula One and the FIA.
So right now it looks like the team is at risk of being dissolved unless new buyers can be found, which I expect would require the team being granted Toyota's slot by the FIA.
It also appears that Bahrain Capital International, the bank that was serving as guarantor for the sale, is not backed by the Bahrain royal family but instead shares an address and phone number with other businesses.
If they had been successful in securing the team, "Quabak Investments" evidently could have laid claim to some €40 million in revenue from Formula One and the FIA.
So right now it looks like the team is at risk of being dissolved unless new buyers can be found, which I expect would require the team being granted Toyota's slot by the FIA.