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In June 2005, BMW acquired the major shareholding stake in the Sauber team from Credit Suisse, which owned more than 60% of the team from a deal Peter Sauber initiated in 1994 selling a majority stake of the team to its major sponsor. It was done with Peter Sauber's blessing, the team was known as BMW Sauber, and Peter took a background advisory role within it, retaining a 20% stake in the team.