by Alan Baldwin
Having a Formula 1 stable could be the next step for Saudi Arabia after the sponsorship of the discipline and the reception of a Grand Prix in Djeddah since 2021, according to the president of the Saudi Automobile and Motorcycle Federation.
Upstream of the Saudi Arabian Grand Prix scheduled for Friday to Sunday, Prince Khalid Bin Sultan Al-Abdullah al-Faisal told journalists during a video call, that interest existed.
“It could happen, it could happen soon if we see the growth (of this sport),” he said. “If you buy a Formula 1 stable, people will buy it to earn money, especially if it is bought by one of the PIF companies (Saudi public investment fund).”
“We note that Formula 1 has new markets, that sales are increasing worldwide.”
“It is not easy to say which team to buy and how to manage it. But we are very interested,” he added. “We welcome Formula 1, we sponsor teams. So I would not be surprised to see the announcement of a Saudi team.”
Saudi Arabia welcomed Formula 1 for the first time in 2021, while the oil giant Aramco is a global partner in the discipline and the main sponsor of the Aston Martin team.
PIF invested in McLaren in 2021 and already has a 20.5% stake in the automaker Aston Martin, which is distinct from the Canadian billionaire Lawrence Stroll.
The automaker Aston Martin announced last month wanting to raise more than 125 million pounds (145.5 million euros) thanks to the financing of its boss Lawrence Stroll and the sale of his participation in the F1 stable.
The Raine Group investment bank was charged by Lawrence Stroll to find a buyer for this participation.
The future of the Alpine stable, owned by Renault, is also the subject of speculation, although the French car manufacturer insisted that a sale was not on the agenda.
“WHY NOT ?”
Other countries in the Middle East that welcome races have links with Formula 1, Qatar Investment Authority (QIA) holding significant minority participation in the Audi team which is to do its debut next year.
The Bahrain sovereign fund, Mumtalakat, is one of the main shareholders of the McLarent stable, title holder in the manufacturers’ classification, while Cyvn Holdings, from Abu Dhabi, recently acquired McLaren Automotive.
Saudi Arabia has invested massively in sport in recent years – such as football, tennis or golf – thanks to its public investment fund (PIF).
The Saudi kingdom is accused by some observers of “Sportwashing” in order to improve its often criticized image concerning human rights.
The country denies non-compliance with human rights and ensures that this protects its national security thanks to its laws.
According to Nielsen Sports, Formula 1 benefits from increasing support in the Middle East, where young women represent the demographic group of fans who know the fastest growth in the world. The region welcomes four of the 24 races of the 2025 season.
With the arrival next year of Cadillac, supported by General Motors, as eleventh team, there remains a place for an additional stable.
“Personally, I would like to see a Saudi team,” said Prince Khalid.
“But if Saudi Arabia or one of the Saudi companies is involved in one of the teams, I would like it to do it in the right way and that it succeeds. It is a delicate question, but why not?”
(Alan Baldwin report, French version Vincent Daheron, edited by Augustin Turpin)
