Nov.30 (GMM) Qatar, by way of its sovereign wealth fund, is tipped to finally personal a full half of Audi’s System 1 group.
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 major minority stake” within the group that shall be known as Audi from 2026.
In line with La Gazzetta dello Sport, reporting from the Losail circuit, Qatar’s preliminary stake is believed to be 30 %. The transaction is topic to sure regulatory approvals.
And Qatar’s funding “ought to rise to over 50 %”, in an funding that in the end might 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 father or mother Volkswagen is locked in one in all its worst monetary crises in many years.
La Gazzetta dello Sport quoted Audi CEO Gernot Dollner as saying: “Now we have determined to undertake a broader strategy. The involvement of such an necessary 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 good increase for our plans.
“It can definitely give us the chance to enhance our infrastructure and the personnel at our disposal, however the best satisfaction is linked to the truth that we’re attaining the goals we now have set ourselves.”
Qatar already owns 17 % of Volkswagen.
When requested to touch upon Qatar’s part-acquisition of the Audi mission, former Mercedes F1 boss Norbert Haug instructed DPA: “I believe that by 2030 on the newest, Audi ought to have the ability to compete for victories frequently.
“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 group in 2024 with no single level, Haug replied: “Audi just isn’t stepping into System 1 to be on the again.
“They’re doing this to show to the world that Audi will develop into a significant energy in System 1.”
