Qatar Fund Accelerates Global Sports Push With Audi F1 Stake
- $510 billion fund buys ‘significant’ minority stake in team
- State has spent billions on sports such as football, padel
The deal gives Audi capital to build out its team and infrastructure at its F1 development sites in Neuburg, Germany, and Hinwil, Switzerland.
Photographer: John Thys/AFP/Getty ImagesThis article is for subscribers only.
The Qatar Investment Authority is buying a stake in the Audi Formula One racing team, joining other Gulf sovereign funds who have been channeling their vast wealth into global sports franchises.
The $510 billion fund has agreed to acquire a “significant minority” shareholding in Sauber Holding AG, the company overseeing Audi’s bid to join the racing circuit, according to a joint statement Friday.