Saudi Arabia Gears Up for Formula 1 Team Ownership Soon
Saudi Arabia may soon acquire a Formula 1 team, signaling deeper investment in global motorsport, revealed Prince Khalid bin Sultan Al-Faisal, chairman of the Saudi Automobile and Motorcycle Federation (SAMF). Speaking ahead of Jeddah's Grand Prix, he confirmed active discussions, citing the sport's rapid commercial growth.
The Saudi Public Investment Fund (PIF), which owns Premier League's Newcastle United and LIV Golf, could lead the acquisition. Prince Khalid emphasized profitability, stating, 'PIF entities invest strategically—Formula 1's rising global appeal aligns with our vision.' Recent reports suggest PIF has explored partnerships with mid-tier teams like Aston Martin or Williams.
However, Prince Khalid explained that this could happen soon. ''It could happen, it could happen soon if you see the growth.' He added.
Prince Khalid views team ownership as a smart business move. He noted, 'Formula 1 reaches new markets, sales are globally increasing.' Success matters too, he stressed, 'I'd like them to do it right and be successful.' This fits PIF's strategy of profitable sports investments worldwide. Strategic Expansion Aligns With Vision 2030
Saudi Arabia's motorsport push supports Vision 2030 goals to diversify its economy and boost tourism. Since hosting its first F1 race in 2021, Jeddah's event has drawn 150,000+ annual attendees, generating $200M+ in local revenue.
Formula 1's value soared under Liberty Media, with teams now valued at $1.3B on average. Saudi entry could mirror Abu Dhabi's success with Red Bull Racing, leveraging sponsorship and technical collaborations.
While Prince Khalid acknowledged complexities in team selection and management, he hinted at imminent developments. 'Hosting races and sponsoring teams lays the groundwork—expect announcements soon,' he stated.
Critics question Saudi Arabia's motorsport investments amid climate concerns. However, F1's 2030 net-zero pledge and Saudi's NEOM EV initiatives aim to align racing with environmental goals.
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