“This agreement with the Sauber F1 Team is a significant step in the reshaping of the Alfa Romeo brand, which will return to Formula One after an absence of more than 30 years,” Fiat Chrysler chief executive Sergio Marchionne said in a statement.
Sauber announced in a statement of their own that the team will officially be known as the Alfa Romeo Sauber F1 Team from 2018 onwards.
“Working closely with a car manufacturer is a great opportunity for the Sauber Group to further develop its technology and engineering projects,” Sauber Holding AG chairman Pascal Picci said.
“We are confident that together we can bring the Alfa Romeo Sauber F1 Team great success, and look forward to a long and successful partnership.”
Reporting by Alan Baldwin.