Team Ownership: Saudi Arabia’s Next Step in Formula One?
Saudi Arabia is eyeing team ownership in Formula One as its next ambitious move, following its successful sponsorship and hosting of the sport, according to Prince Khalid bin Sultan Al-Abdullah Al-Faisal, chairman of the kingdom’s automobile and motorcycle federation.
Growing Interest in F1 Ownership
In a recent video call ahead of this weekend’s race in Jeddah, Prince Khalid expressed optimism about the potential for Saudi investment in an F1 team. “It could happen, it could happen soon if you see the growth of the sport,” he stated.
He emphasized that any purchase would likely be driven by profit motives, particularly if a team were acquired by one of the Public Investment Fund (PIF) companies. “We see Formula One is reaching new markets, sales are globally increasing,” he added.
Saudi Arabia’s F1 Involvement So Far
Since hosting its first Formula One race in 2021, Saudi Arabia has made significant strides in the sport. The energy giant Aramco serves as a global partner and is the title sponsor for the Aston Martin team. Additionally, the PIF invested in McLaren in 2021 and holds a 20.5% stake in luxury carmaker Aston Martin.
Potential for New Teams
The F1 landscape is rapidly evolving, with speculation surrounding potential team sales, including the Renault-owned Alpine team, despite the company’s insistence that a sale is not planned. Other Middle Eastern countries, such as Qatar and Bahrain, have already established ties to F1 teams, indicating a trend of increasing regional involvement.
A Vision for the Future
Prince Khalid is hopeful about the prospect of a Saudi team. “Personally, I would like to see a Saudi team,” he remarked. “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.”
As Formula One experiences a surge in popularity, particularly among younger female fans, the region is well-positioned to capitalize on this growth. With four of the 24 races held in the Middle East, the opportunity for a Saudi team could align perfectly with the ongoing expansion of the sport.
Looking Ahead
With the rising value of Formula One teams and a growing audience, the possibility of Saudi ownership in the sport could reshape the competitive landscape. As Prince Khalid aptly noted, “It’s a tricky question, but why not?” The future of Formula One in Saudi Arabia looks promising as the kingdom continues to invest heavily in sports and entertainment.
