Saudi Arabia, the world’s largest oil producer, has embarked on a new chapter in the realm of Formula 1 since entering the sport in 2021 through its state-owned oil company, Aramco. This move not only aligns with the nation’s Vision 2030 Plan, but also aims to drive industry transformation. Initially, the kingdom made its first F1 investment through Aramco and the street circuit races in Jeddah. It then went a step further, becoming a shareholder and title sponsor of both the McLaren Group and Aston Martin team. According to Bloomberg, the Saudi government also attempted to acquire the F1 operating group FOG via its state-run investment fund, PIF. However, the deal ultimately fell through, sparking tensions between the FIA and Liberty Media.
Despite setbacks in the plan to acquire FOG, Saudi Arabia remains committed to investing in F1. Saudi Crown Prince Khalid bin Sultan Al-Abdullah Al-Faisal revealed in an interview his passion for managing a team on the F1 circuit and shared updates on the progress of the new Qiddiya track. According to the current Concord Agreement, the maximum number of teams allowed to participate in F1 is capped at 12. With Cadillac joining the fray, coupled with reports of some teams seeking new investors or buyers, Khalid’s remarks seem entirely reasonable.
If Saudi Arabia wishes to quickly establish competitiveness, acquiring an existing racing team would be a more practical choice. Rumor has it that Aston Martin’s chairman, Lawrence Stroll, has decided to sell shares worth approximately £75 million to secure £125 million in funding. Meanwhile, the possibility of Renault releasing its stake in the Alpine team, as it exits power unit development, also exists.
Additionally, Khalid is looking forward to positioning Saudi Arabia's race as the opening event of the F1 season and even hopes that Qiddiya could serve as the venue for a second Saudi F1 race. While not all racing fans are enthusiastic about these ideas, it all reflects the immense wealth of the Arab region, which is gradually reshaping the landscape of professional sports worldwide.
