A significant deal for the future of Audi in F1 was struck over the Qatar Grand Prix weekend, after it was announced that the Qatar Investment Authority had acquired a ‘significant’ minority stake in Sauber.
The QIA said that it would be joining the F1 project as a long-term investor and partner, bringing with it a ‘substantial capital injection’ that is worth around 30% with the initial investment worth hundreds of millions of pounds.
It marks the QIA’s first major venture into F1 investing in the £949 million team, which further strengthens the Gulf region’s footprint in the championship with Bahrain’s state-owned Mumtalakat owning McLaren and Saudi Arabia state oil company Aramco being a global partner of both F1 and Aston Martin.
The deal with QIA and Audi was announced during the build up to the Qatar GP weekend, and a rather amusing moment played out between Toto Wolff and Audi CEO Gernot Dollner in the Doha Four Seasons Hotel according to journalist Joe Saward.
Netflix cameras capture Toto Wolff walking in on Audi deal with Qatar Investment Authority
The F1 paddock is known for being a place where business deals are done, especially during the latter parts of the season.
According to Saward, the Netflix cameras filming popular documentary series Drive to Survive were filming Wolff at his hotel when a rather amusing moment happened.
“There was an amusing aside in Doha in the fancy Four Seasons Hotel where Toto Wolff and Netflix were doing a little extra-paddock fly-on-the-wall filming, during which Toto spotted a sign which said ‘QIA Signing Ceremony’,” wrote Saward
“Recognising what this meant, the cheeky Wolff opened the door and walked in to find Audi boss Gernot Döllner signing a contract with QIA officials. You could not make this stuff up… Small wonder information gets out if you signpost secret signing ceremonies.”
FIA feared Audi would close factory before Qatar investment
While the process for Audi to take over Sauber began in 2023, the news of the Qatar investment comes amid a major crisis for parent company Volkswagen as they have already had to close several factories in Germany.
Audi has also faced a ‘terrible dilemma’ amid the extensive layoffs, but the injection of cash from the QIA helps them justify their position.
The deal will also help Audi pay their staff, after worries that the increased salary costs for employees located in Sauber’s HQ in Switzerland would result in Audi closing the plant.
The FIA has raised the cost cap for Audi to cover any inherent disadvantage, while the QIA is set to take responsibility for ‘all running costs’ which will ‘ease pressure’ on the team.
Leave feedback about this