Sauber saved?

The Sauber Formula One team may have been saved after they were hit by financial difficulties once again.

Recent reports had suggest that the team had failed to pay bills and were in desperate need of some form of bailout, speculation mounted over whether this could either come in the form of a new sponsorship deals, or new investment with Chelsea Football Club owner Roman Abramovich linked due Sauber and Chelsea’s recent brand partnership.

Russians Arkady and Boris Rotenberg who own SMP bank were also linked according to Sky Sports, while some in the paddock had even speculated that Sauber’s situation was so serious that they may not even be in a position to complete the 2013 season.

However that prospect has now appeared to have been avoided with Sauber F1 announcing new partnership deals that have safeguarded the teams immediate future.

The deals are all Russian based with Investment Co-operation International Fund, the State Fund of Development of North-West Russian Federation and the National Institute of Aviation Technologies signing new deals.

‘With the National Institute of Aviation Technologies, one of the leading scientific research institutions in Russia, the Sauber F1 team will benefit from the advanced know-how of the front-end Russian scientists and engineers,

‘The objective of the partnership is to open up new perspectives and revenue streams by commercialising jointly developed technologies.’ a Sauber statement read.

Russia is of course a new market for Formula One, with F1 set to visit Russia for the inaugural Russian Grand Prix in Sochi next year.

17-year-old Russian driver Sergey Sirotkin has been linked with a Sauber drive next season following the announcements. The Formula Renault 3.5 series driver turns 18 next month.

Sauber are currently in a disappointing eighth position in the Formula One Constructors Championship on seven points, behind the likes of Toro Rosso and Force India who they were in direct competition with last season.

f1 betting currently places championship leaders Red Bull as 1/10 favourites to take a fourth consecutive constructors title, while Mercedes are 9/1 and Ferrari 16/1.