SteveH
11-29-24, 12:52 PM
https://www.racefans.net/2024/11/29/audi-sells-significant-stake-in-formula-1-team-to-qatar-wealth-fund/
Audi announced its move into F1 two years ago and confirmed in March it would complete a full takeover of Sauber. However its parent company Volkswagen Group has experienced a challenging year financially and last month announced it would close three of its factories in Germany, scale back its work at other plants and make tens of thousands of staff redundant.
Now it has secured the backing of the Qatar Investment Authority as a “long-term investor and partner” for its move into F1.
Audi announced its move into F1 two years ago and confirmed in March it would complete a full takeover of Sauber. However its parent company Volkswagen Group has experienced a challenging year financially and last month announced it would close three of its factories in Germany, scale back its work at other plants and make tens of thousands of staff redundant.
Now it has secured the backing of the Qatar Investment Authority as a “long-term investor and partner” for its move into F1.