BMW-Sauber will farewell long-time sponsor and partner Credit Suisse, a Swiss bank, at the end of 2008.

It was reported earlier this year that prominent backer Credit Suisse, which entered the sport with Peter Sauber's then independent squad eight years ago, does not intend to renew the alliance beyond this season.

It is now being reported by motorsport-total.com that team boss Mario Theissen confirmed the news on the verge of Sunday's European grand prix at Valencia.

The German portal also said Credit Suisse's minority shareholding in the Hinwil based squad will be taken up by Peter Sauber, whose own interest will rise to 20 per cent.

BMW owns the remaining 80 per cent.

Theissen on Sunday also responded to rumours linking former double world champion Fernando Alonso with a one-year contract with BMW-Sauber for 2009.

Would such a short-term deal be acceptable to BMW?

"It depends on the particular circumstances and the particular driver. It is possible, but in principle I prefer a long-term agreement."

Theissen also said BMW-Sauber will confirm its full 2009 driver lineup "between now and the end of the season".

Source: GMM