The sovereign wealth fund Qatar Investment Authority, already part of the VW Group as the third-largest shareholder after Porsche and the Lower Saxony government, will enter the ownership of the Hinwil team, reducing the investment demands on Audi’s F1 project as the carmaker faces industry-wide challenges. Here’s how similar setups have worked in the F1 world…
The year 2009 stands out as a difficult one for Formula 1, marked by the departure of major manufacturers. On March 6, Honda announced its exit, followed by BMW on July 29, and on November 4, Toyota announced an abrupt withdrawal. Then on December 16, Renault declared it would sell 75% of its team to the Luxembourg-based Genii Capital fund. Within nine months, four major carmakers had chosen to leave F1.
The driving factor behind this exodus in 2009 was the financial crisis, which severely affected the auto industry, forcing major manufacturers to resort to layoffs and drastic expense cuts. Although their investments in F1 were relatively small compared to the scale of their losses, companies like Toyota made it clear: it was not viable to maintain a sports program while closing factories and laying off workers—it was also a matter of optics.
Fifteen years later, the automotive industry risks facing a similar situation. Projections for 2025 suggest significant declines in sales. While it remains uncertain whether these warnings will materialize, some in Formula 1 have taken preemptive action. During the Brazilian Grand Prix weekend, rumors surfaced of a potential agreement between the Audi F1 Team and the Qatar Investment Authority, with Qatar interested in acquiring a stake in the team.
This news is surprising given that the Audi F1 project is set to launch officially only in 2026. On March 19, Audi announced it had acquired 100% of Sauber, expediting its takeover of the team, a shift from the original 2022 plan to purchase 75%.
This decision was necessary to fund the investments needed to bolster the Hinwil team’s infrastructure. Now, eight months later, the possibility of Audi selling a stake to the Qatari fund may seem unexpected, and some interpret it as Audi potentially scaling back before its logo even appears on the cars.
To understand the move, one must consider the broader context. The F1 program represents a minor expense for a conglomerate like Audi-VW, but recent news out of Germany, with thousands of jobs at risk, has sounded an alarm. In such conditions, similar to 2009, there’s always the risk that a board might cut any non-essential ventures.
For the Audi F1 Team, selling a stake to an external financier offers two advantages: the injection of fresh capital (necessary for investments) and, crucially, a safeguard against sudden termination of the program.
The key question, which may be clarified by an Audi announcement expected during the Qatar Grand Prix weekend, is the percentage Audi intends to sell, which will determine if they retain a 50% stake. This figure will reveal Audi’s long-term intentions; if Qatar takes only a minority share, the German brand will retain control. Otherwise, this could signal a retreat, raising further questions.
A minority partner would mirror the setup seen in other F1 teams. McLaren F1, for instance, is 67% owned by Mumtalakat, Bahrain’s sovereign wealth fund, while MSP Sports Capital holds the remaining 33%.
Similarly, Daimler-Mercedes owns 33% of its F1 team, sharing ownership equally with Toto Wolff and INEOS. Last year, Alpine sold 24% to a group led by Otro Capital, and Aston Martin F1 has partnered with Arctos Partners, aiming to extend its strategic alliance with the Saudi oil company Aramco by selling an equity stake from Lance Stroll.
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