Audi announces partial sale of F1 team

Audi has announced the partial sale of its Formula 1 team to the Qatar sovereign wealth fund. 

The Qatar Investment Authority (QIA) has become a minority stakeholder in Sauber Motorsport, which will morph into the works Audi operation in time for the 2026 season. 

The exact percentage of shares QIA has obtained has not been divulged, but RacingNews365 understands the share to be around 25%.

Audi CEO Gernot Dollner has confirmed that it was always the Ingolstadt-concern's intention to buy 100% shares in Sauber Motorsport before relinquishing some to an outside party. 

QIA already currently owns some 17% of shares in Audi's parent company Volkswagen, with QIA and the VW Group also locked in talks over a greater equity stake.

The news of Audi's selling a stake in the team to QIA comes as the global auto industry is suffering from a downturn in sales, with job losses possible, thus adding credence to partnering with QIA, which is said to account for some $475 billion USD - £367.7 billion GBP in assets.

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QIA approached Audi a year ago

"We have signed a contract with the Qatar Investment Authority to become partners in our Formula 1 project," Dollner told select media including RacingNews365. 

"QIA will have a minority share and we share the same goals and believe in the project and the way we are approaching it. 

"We had the Formula 1 project review and decided that we needed a bigger approach to Formula 1, and taking a partner was part of that decision. It is an important milestone for our Formula 1 project.

"In October last year, we decided to go with the restructuring and exactly one year ago, on 29th November, the QIA team visited our powertrain unit at Neuberg to get an impression of the set-up and the professionalism, the long-term strategy, and from there on, we built the plan on how to go into the partnership."

When asked by RacingNews365 if Audi would seek further outside investment beyond QIA, Dollner did not rule out the possibility.

"For the moment, it is QIA and maybe we will take that step in the future, but there is no decision and not even a process started."

Reflecting on the news, the CEO of QIA, Mohammed Al-Sowaidi backed Audi's "vision and direction" for the team, which has seen it sign Mattia Binotto as chief technical and chief operating officer, Red Bull's Jonathan Wheatley as team principal and Nico Hulkenberg and Gabriel Bortoleto as drivers.

"Audi is a premium partner of choice with a rich motorsport legacy," he said. "As a longstanding investor in the Volkswagen Group, we believe in Audi’s vision and direction when entering Formula 1, and our investment will support the realisation of this goal.

"QIA believes that Formula 1 is a sport with significant untapped investment potential. The increasing commercialisation 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."

The deal remains subject to customary regulatory approvals.