Nov.30 (GMM) Qatar, through its sovereign wealth fund, is tipped to finally personal a full half of Audi’s System 1 crew.
Swiss-based Sauber, and the Qatar Funding Authority, used the event of the Center Jap state’s grand prix this weekend to announce that Qatar is shopping for “a big minority stake” within the crew that might be known as Audi from 2026.
In keeping with La Gazzetta dello Sport, reporting from the Losail circuit, Qatar’s preliminary stake is believed to be 30 p.c. The transaction is topic to sure regulatory approvals.
And Qatar’s funding “ought to rise to over 50 p.c”, in an funding that in the end could possibly be value as much as a billion {dollars} or extra for Audi.
“It’s the third state with a stake in System 1 after Bahrain-McLaren and Saudi Arabia-Aston Martin,” the specialist Italian newspaper reported.
The transfer relieves strain on Audi, whose mum or dad Volkswagen is locked in one in every of its worst monetary crises in a long time.
La Gazzetta dello Sport quoted Audi CEO Gernot Dollner as saying: “We have now determined to undertake a broader method. The involvement of such an essential associate represents a milestone for our journey in System 1.”
Audi F1’s Italian boss Mattia Binotto, in the meantime, commented to the newspaper: “This information is a superb increase for our plans.
“It is going to actually give us the chance to enhance our infrastructure and the personnel at our disposal, however the biggest satisfaction is linked to the truth that we’re attaining the targets we now have set ourselves.”
Qatar already owns 17 p.c of Volkswagen.
When requested to touch upon Qatar’s part-acquisition of the Audi challenge, former Mercedes F1 boss Norbert Haug advised DPA: “I feel that by 2030 on the newest, Audi ought to have the ability to compete for victories regularly.
“I completely belief them to do that and applaud their braveness to indicate their true colors within the premier class of motorsport – the one one which enjoys actual world resonance.”
Nonetheless, when requested to touch upon the truth that Audi-owned Sauber is the one crew in 2024 and not using a single level, Haug replied: “Audi shouldn’t be moving into System 1 to be on the again.
“They’re doing this to show to the world that Audi will change into a significant energy in System 1.”
