Team ownership could be next F1 step for Saudi Arabia

MANAMA :Owning a Formula One team could be the next step for Saudi Arabia after sponsoring the sport and hosting a grand prix, according to the chairman of the kingdom's automobile and motorcycle federation.

Prince Khalid bin Sultan Al-Abdullah Al-Faisal told reporters in a video call ahead of this weekend's race in Jeddah that the interest was there.

"It could happen, it could happen soon if you see the growth (of the sport)," he said.

"If you are going to buy a Formula One 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 Formula One 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 Formula One, sponsoring teams. So I wouldn't be surprised if we see an announcement for a Saudi team."

Saudi Arabia first hosted Formula One in 2021, while energy giant Aramco is a global partner of the sport and also title sponsor of the Aston Martin team.

The PIF invested in McLaren in 2021 and already has a 20.5 per cent stake in luxury carmaker Aston Martin, which is separate from the team controlled by Canadian billionaire Lawrence Stroll.

Aston Martin, the carmaker, said last month it would raise more than 125 million pounds ($163.5 million) from Stroll, who is also its chairman, and the sale of its stake in the F1 team.

Investment bank Raine Group has been commissioned by Stroll to help find a buyer for that holding.

There is also lingering speculation about the future of the Renault-owned Alpine team, despite the French carmaker's insistence that a sale is not on the agenda.

'WHY NOT?'

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