UPDATE 1-Motor racing-Sauber takes back F1 team from BMW


* BMW say reached agreement with Sauber over F1 team * Sale to Qadbak will not proceed (Adds detail, background, byline) By Alan Baldwin LONDON, Nov 27 (Reuters) - BMW handed control of their Formula One team back to founder Peter Sauber on Friday after cancelling a planned sale to mysterious Swiss-based foundation Qadbak Investments. "Yesterday, BMW AG reached an agreement with Peter Sauber regarding the sale of the BMW-Sauber F1 team," BMW said in a statement. "The contract is ...

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