Life in the fast lane for BMW Sauber AG as FIA gives the thumbs up

(AP)

The FIA has told BMW Sauber AG their application for an entry in next year's FIA Formula One World Championship has succeeded.

They will be awarded the 13th entry in the championship, taking the place of Toyota, who recently announced their intention to quit. The decision comes after Peter Sauber struck a deal with BMW to take over the team.

After the German manufacturer announced their withdrawal from Formula One, they initially signed a contract with Qadbak Investments Ltd.