Dubai: Formula One team Sauber acknowledged it is going through a "difficult situation" related to its finances but said on Friday it will remain in the sport in 2014.
The team, which has been in the sport for two decades, has found itself in the spotlight in the past few weeks over reports that it hasn't paid suppliers and could run out of money before the end of the year. It also has reportedly been struggling to find a deep-pocketed sponsor to ensure it will remain afloat this season.
"Sauber has been in Formula One for more than 20 years," Team spokesman Hanspeter Brack told The Associated Press in an email. "We will overcome this difficult situation, and we will be there in 2014."