A Saudi Arabian prince has said that he “wouldn’t be surprised” to see a Formula 1 team backed by the country at some point in the future.
Prince Khalid bin Sultan Al-Abdullah Al-Faisal, who is Chairman of the Saudi Automobile & Motorcycle Federation, has told media in a video call ahead of this weekend’s Saudi Arabian Grand Prix of his belief that his nation will, at some stage, take majority ownership of an F1 team, having now fully integrated itself into the sport.
Not only has the country hosted a Grand Prix since 2021, but Saudi companies are now also becoming more involved in the sport.
Energy company Aramco is an official global partner, as well as being a title sponsor of the Aston Martin team, joining PIF [Saudi Public Investment Fund], which holds shares in McLaren.
Saudi Arabia has seen further expansion of interest in motorsport, with PIF recently announcing a STEM learning programme with Formula E, which also boasts a global partner in Saudia Airlines, as well as a longstanding race in the country, which moved to Jeddah this season.
PIF also led the consortium that bought Newcastle United Football Club in 2021, and Prince Khalid seems to believe that the country similarly taking full ownership of an F1 team is the natural next step.
“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 [Saudi 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.”
Could Saudi buy an existing F1 team or start from scratch?
Money appears no object, and that gives scope for two options: a Saudi-backed takeover of an existing team, or beginning a brand new one.
Speculation has mounted recently about the future of Alpine, with parent company Renault reportedly seeking to sell it off.
The team has already seen outside investment from a celebrity-based consortium, Otro Capital.
However, current F1 regulations stipulate a maximum of 26 cars on the grid.
The forthcoming Cadillac F1 team will confirm 22 cars on next year’s grid, which still leaves ample space for another new team under the right circumstances.
Given the country’s involvement in F1 currently, and the wealth it brings to the sport, it could be suggested that a Saudi team’s attempt at entry might not meet the resistance that the American project initially did.
“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?”
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