Audi, with Qatar, to be ‘major power’ in F1 – Haug
Nov.30 (GMM) Qatar, via its sovereign wealth fund, is tipped to eventually own a full half of Audi’s Formula 1 team.
Swiss-based Sauber, and the Qatar Investment Authority, used the occasion of the Middle Eastern state’s grand prix this weekend to announce that Qatar is buying “a significant minority stake” in the team that will be called Audi from 2026.
According to La Gazzetta dello Sport, reporting from the Losail circuit, Qatar’s initial stake is believed to be 30 percent. The transaction is subject to certain regulatory approvals.
And Qatar’s investment “should rise to over 50 percent”, in an investment that ultimately could be worth up to a billion dollars or more for Audi.
“It is the third state with a stake in Formula 1 after Bahrain-McLaren and Saudi Arabia-Aston Martin,” the specialist Italian newspaper reported.
The move relieves pressure on Audi, whose parent Volkswagen is locked in one of its worst financial crises in decades.
La Gazzetta dello Sport quoted Audi CEO Gernot Dollner as saying: “We have decided to adopt a broader approach. The involvement of such an important partner represents a milestone for our journey in Formula 1.”
Audi F1’s Italian boss Mattia Binotto, meanwhile, commented to the newspaper: “This news is a great boost for our plans.
“It will certainly give us the opportunity to improve our infrastructure and the personnel at our disposal, but the greatest satisfaction is linked to the fact that we are achieving the objectives we have set ourselves.”
Qatar already owns 17 percent of Volkswagen.
When asked to comment on Qatar’s part-acquisition of the Audi project, former Mercedes F1 boss Norbert Haug told DPA: “I think that by 2030 at the latest, Audi should be able to compete for victories on a regular basis.
“I absolutely trust them to do this and applaud their courage to show their true colours in the premier class of motorsport – the only one that enjoys real global resonance.”
However, when asked to comment on the fact that Audi-owned Sauber is the only team in 2024 without a single point, Haug replied: “Audi is not getting into Formula 1 to be at the back.
“They are doing this to prove to the world that Audi will become a major power in Formula 1.”
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