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In July 2009, BMW announced its withdrawal from Formula One at the end of the season. Peter Sauber worked with BMW to develop a rescue package that would allow the team to continue in the sport without the manufacturer's backing. Qadbak Investments Ltd were thought to have purchased the team, but on 27 November 2009 it was announced that the Qadbak deal had fallen through and BMW had instead reached an agreement to sell the entire F1 operation back to Peter Sauber.