Qatar's sovereign wealth fund takes a stake in Audi's future F1 team

LUSAIL, Qatar (AP) — The sovereign wealth fund of Qatar is acquiring a “significant minority stake” in what will become Audi’s works Formula 1 team from 2026, in a deal announced Friday at the Qatar Grand Prix.

A joint statement said the Qatar Investment Authority will be “a long-term investor and partner” and provide “a substantial capital injection” that will help the team expand its infrastructure.

The team is currently competing as Sauber and will be rebranded as the Audi works outfit for 2026 after it reached agreement for a full takeover earlier this year.

“This additional capital will accelerate the team’s growth and is yet another milestone on our long-term strategy,” Audi chief executive Gernot Döllner said in the joint statement.

Qatar is already an investor in the Volkswagen Group, of which Audi is a part.

Mechanics work in Kick Sauber garage ahead of the sprint qualifying at the Lusail International Circuit in Lusail, Qatar, ahead of the Qatar Formula One Grand Prix, Friday, Nov. 29, 2024. (AP Photo/Darko Bandic)

“QIA believes that Formula 1 is a sport with significant untapped investment potential,” QIA chief executive Mohammed Saif Al-Sowaidi said.

“The increasing commercialization 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.”

Sauber is changing both of its drivers for 2025, when Nico Hülkenberg and rookie Gabriel Bortoleto arrive to replace Valtteri Bottas and Zhou Guanyu.

It is the only team yet to score a point this season. Bottas placed 13th and Zhou 19th in Friday’s qualifying for the Saturday sprint race, which was the first competitive session since the agreement was announced.