Saudi Arabia set sights on F1 team ownership

Saudi Arabia could take steps towards owning an F1 team, according to the chairman of the kingdom's automobile and motorcycle federation.

Saudi Arabia has boosted its involvement with F1 over the last handful of years and hosted its very first grand prix in 2021.

Additionally, the state-owned petroleum company Aramco is a global partner of F1 and is a title sponsor of the Aston Martin squad.

But as it eyes up a further step, Khalid bin Sultan Al-Abdullah Al-Faisal suggested it could move to own an F1 team.

“It could happen, it could happen soon if you see the growth (of the sport)," he said, as quoted by Reuters.

“If you are going to buy an F1 team then people will buy it to make money out of it, especially if it's going to be bought by one of the PIF (Saudi Public Investment Fund) companies.

"We see F1 is reaching new markets, sales are globally increasing ...

"It's not easy to say which team to buy and how you're going to manage it. But we have a lot of interest ... we're hosting F1, sponsoring teams. 

“So I wouldn't be surprised if we see an announcement for a Saudi team."

F1 will expand its grid to 11 teams next year with Cadillac joining following a lengthy process period.

While the regulations in their current format allow for the grid to have up to 12 teams, at this point it is unclear if a prospective Saudi team would set up its own squad or take over an existing team.

"Personally, I would like to see a Saudi team," said Prince Khalid added.

"But if Saudi Arabia or one of the Saudi companies will be involved in one of the teams, I would like them to do it the right way and be successful. It's a tricky question, but why not?