Red Bull, the leading energy drink producer, is to continue its sponsorship relationship with Formula One motor racing team Sauber, despite Dieter Mateschitz, the Red Bull boss, selling his stake the team.

Sauber said in a statement on Wednesday that Red Bull, who were Sauber's title sponsor and who also back rivals Arrows, had "extended their cooperation for one year."

"Following our most successful Formula One season, I am very happy to start into our eighth year with Red Bull," said team principal Peter Sauber.

Sauber bought back Mateschitz's majority stake in the Swiss-based team on January 8th and is planning to sell the shares on to sponsor Credit Suisse for them to be placed with different investors.