Peter Sauber admits it "hurts" to see his name no longer in Formula 1 but accepts the reason for the change.

2019 marks the first time since 1992 that Sauber will not feature on the grid, with the team rebranded Alfa Romeo Racing as part of a closer tie-up with the Italian brand.

It is reported Alfa has doubled their financial contribution for the naming rights and, as the Swiss pointed out, everything else about the Hinwil-based outfit remains.

"Of course it hurts that the Sauber name disappears after such a long time," he told CH Media. "But the name is only gone from F1, the company is 49 years old and will enter its 50th season in 2019.

"There's another side to it as, for the team, changing the name to Alfa Romeo is a good thing, otherwise, the owners would not have done it," the company founder added.

"What is good for the team is also good from my perspective. I also did many things that were difficult but in the best interests of the team.

"Between 2006 and 2009 we built the F1 cars for BMW, now it's Alfa Romeo. Sauber is also still registered as the manufacturer with the FIA, and neither the ownership or the management will change that," he concluded.

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Alfa has paid homage to the Sauber legacy with the Swiss flag still featured on the rear wing and the chassis name, C38, is also significant as the C stands for Christiane, Peter Sauber's wife.

For many though, the return of the automaker to the F1 grid for the first time in over 30 years is another positive.

“Alfa Romeo Racing with a Ferrari engine, it’s a really fantastic combination," driver Antonio Giovinazzi told GPFans.com.

The 25-year-old is also pleased to be Italy's first F1 driver since Jarno Trulli and Vitantonio Liuzzi in 2011.

“Finally, after eight years, an Italian driver will come back on the F1 grid and I am proud I will be that Italian,” he added.

“Of course, this is not the end of my target, it’s just the beginning of new things. I’m just really happy, really proud, and I can’t wait to start the season."