Thursday March 1st, 2001
Energy drinks maker Red Bull announced it will terminate its agreement with Formula One team Sauber at the end of 2001.
The company ran into a dispute with team chief Peter Sauber over who should drive for the team: reportedly, Red Bull CEO, Dietrich Mateschitz, wanted Enrique Bernoldi to join the team, instead of Finnish Kimi Raikkonen.
"The situation with Red Bull is really special," explained Sauber. "Red Bull is majority shareholder but I have the majority of the votes.
"That the majority shareholder wants to have a say is understandable. But you can't have two people running a racing team. That is also why the cooperation with Red Bull will end at the end of 2001."
Red Bull owns 60% of the team, and it is now speculated that Credit Suisse will buy these shares.
"We will work intensively this season to find a new title-sponsor. More I cannot say," Sauber said.