(CNN) -- The newly-rescued Sauber team have been awarded the 13th place on the grid for the 2010 Formula One season.
Motorsport's world ruling body the FIA revealed on Thursday that the Switzerland-based team will take the place of Toyota, who have decided to quit F1.
Pete Sauber bought back the outfit from BMW last week after the German car manufacturer also decided to pull out of racing's premier category.
The 66-year-old had run his own marque for 13 years before selling a majority holding to BMW in 2005, and he will again be at the helm after agreeing a deal which saved the team's Hinwil headquarters.
"The FIA has written to inform BMW Sauber AG that their application for an entry in the 2010 FIA Formula One World Championship has been successful," the governing body said in a statement on its Web site.
"Subject to their signing the Concorde Agreement, BMW Sauber will be awarded the 13th entry in the championship, taking the place of the departing Toyota team.
"The FIA has worked closely with the commercial rights holder (Bernie Ecclestone) and the teams involved over recent weeks, and is grateful for their support in achieving the best outcome for the sport."
Sauber have yet to indicate who next year's drivers will be, having finished sixth in the team standings in 2009 with Poland's Robert Kubica and Nick Heidfeld of Germany at the wheel.