The Qatar Investment Authority, the sovereign wealth fund of Qatar, will buy a “substantial minority” stake in Sauber, the Formula 1 team owned by Audi.
Terms of the deal were not announced, but Audi, in a statement released on Nov. 29, said the QIA will become a long-term investor and partner of the team. Audi also said the additional investment will help accelerate the expansion of the team and its facilities.
The team is set to compete under the Audi banner starting in 2026, when F1 introduces new power unit regulations with a greater emphasis on electrification.
The QIA is already the third-largest shareholder in Audi's Volkswagen Group parent, with a stake of around 10.5%, and its investment in the Sauber F1 team will make it the third West Asian country with significant investments in F1. Bahrain controls the McLaren F1 team through its ownership of the McLaren Group, while Saudi Arabia is a major sponsor of both F1 and the Aston Martin F1 team.
Audi CEO Gernot Döllner (left) and QIA CEO Mohammed Al-Sowaidi - Photo via Audi
“The increasing commercialization of professional sports as an entertainment offering globally, and the increasingly global popularity of Formula 1, has made for an exciting opportunity for our first major motorsports investment,” Mohammed Al-Sowaidi, QIA's CEO, said in a statement.
Sauber has competed in F1 since 1993 and won its only race at the 2008 Canadian Grand Prix, when it was a partner with BMW. Audi in March bought 100% of the team and will compete from 2026 with an in-house developed power unit.
Destined to serve as team principal will be former Red Bull Racing Sporting Director Jonathan Wheatley. Former Ferrari Team Principal Mattia Binotto will also serve as the team's chief operating officer and chief technical officer.
Confirmed drivers are F1 veteran Nico Hülkenberg and newcomer Gabriel Bortoleto. They start driving for the team next year, replacing current drivers Valtteri Bottas and Zhou Guanyu.
source: https://www.motorauthority.com/news/1145172_qatar-to-buy-stake-in-audi-f1-team
by Viknesh Vijayenthiran
http://www.boscheuropean.com
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