Saudi Arabia explores options to own F1 team

• Prince Khalid fuels speculation
• PIF could be interested
• F1 popular in Middle East

Owning a Formula 1 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 1 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 (Public Investment Fund) companies.

“We see Formula 1 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.”

With General Motors-backed Cadillac coming in next year as an 11th team, there remains a space for one more.

“Personally, I would like to see a Saudi team,” Prince Khalid said.

“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. It’s a tricky question, but why not?”, he said.

PIF first explored owning an F1 team three years ago. A possible deal failed in the early stages as the sport’s owner Liberty Media Corporation was not interested in selling the franchise, which the Saudi sovereign fund valued at over $20 billion, including debt.

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Saudi Arabia first hosted Formula 1 in 2021, while energy giant Aramco is a global partner of the sport and title sponsor of the Aston Martin team. PIF invested also in McLaren in 2021.

Other Middle Eastern countries who host races have ties to Formula One, with the Qatar Investment Authority (QIA) holding a minority stake in the Audi team due to debut next year.

Bahrain’s sovereign wealth fund Mumtalakat is major shareholder in champions McLaren, with Abu Dhabi’s CYVN Holdings recently acquiring McLaren Automotive.