"Additional capital"
Formula 1 project: “Desert money” for Audi works team
Qatar's sovereign wealth fund (QIA) is taking a "significant minority stake" in Audi's future Formula 1 works team. The deal was announced on Friday during the Emirate's Grand Prix. Qatar has long been the third major shareholder in Audi's parent company VW via a holding company. The Persian Gulf country is also one of the main Formula 1 sponsors via the airline Qatar Airways.
According to media reports, the Qatar Investment Authority has acquired almost 30 percent of the team, which will continue to race under the Sauber name next year. Two Audis will be on the grid from 2026. The long-term investment by QIA means a "considerable inflow of capital" for the team, it was reported. Audi can use the millions from Qatar to expand and modernize its sites in Neuburg an der Donau in Germany and Hinwil in Switzerland.
Audi as a Formula 1 superpower?
"The additional capital will accelerate the team's growth and is another milestone in our long-term strategy," said Audi boss Gernot Döllner. "They're not doing this just to be behind," said former long-serving Mercedes motorsport boss Norbert Haug when asked how he would assess the advertising effect if Audi were to do just that - initially just be behind: "They're doing this to prove to the world that Audi will become a major power in Formula 1."
The income from Qatar is also a signal to the inside of the VW world. Volkswagen is in crisis and is planning comprehensive measures to become competitive again. The car manufacturer is keeping open the possibility of closing plants and cutting tens of thousands of jobs.
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