Swiss racing magnate Peter Sauber says he looking for a partner after BMW, the majority owner of BMW Sauber, announced it would quit the Formula One circuit.

"The most comfortable solution would of course be if we could sell the team to an investor who could also find sponsors," Sauber told Swiss television.

Sauber said the decision on the team's future had been BMW's. The Bavarian automaker announced earlier in the week it would terminate its association with Formula One over "image reasons".

The FIA, racing's governing body, blamed the departure on the world economic crisis.

The 65-year-old Sauber, who owns 20 per cent of BMW Sauber, said he was not interested in returning as a team boss.

"There are always emergencies," he said. "I can be more useful to the team in a strategic function."

FIA said that 12 teams had signed a new Concord Agreement – the contract governing how Formula One is run and how its income is split. BMW Sauber did not sign the agreement.

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