Gernot Döllner, CEO of Audi AG insists that the Qatar Investment Authority‘s purchase of a minority stake in the German marque’s Formula 1 project isn’t related to the Volkswagen Group’s financial crisis.
Arno Antlitz, Volkswagen Group’s Chief Financial Officer, said (via the Guardian) that the marque has “a year, maybe two years, to turn things around” as its sales in Europe dwindle and plans to close factories have put over 30,000 jobs at risk.
The Qatar Investment Authority (QIA) is the third-largest shareholder in the Audi parent company with a 17% stake, so, unsurprisingly, people have speculated its involvement in the F1 project is linked to the financial crisis happening on the automotive side of the business.
But Döllner ruled this speculation out on Thursday, telling Motorsport.com “You can’t build a future by only saving money.
“You have to invest. And we have to transform the company, the Audi company.
“We believe that the F1 project is an integral part of that transition of Audi.”
Döllner succeeded Markus Duesmann as Audi CEO in September 2023 and it was from there that the wheels were set in motion to bring in an investment partner for the F1 project.
“When I stepped in as CEO of Audi, we had a review of the project, and the question was how to proceed,” he said.
“Part of the decision to go really all in and continue this program was that we have to think bigger, and to think bigger in the context of a complex transition phase the whole industry is in.
“So we decided to take in partners as other teams do, to be able to really build a strong team. So it’s not related.”
Talks between Audi F1 and QIA began last November
It’s not unusual for teams to seek out investment partners for F1 projects.
For instance, Mercedes‘ F1 outfit is owned by three equal partners: Mercedes-Benz, INEOS and Toto Wolff.
F1 is an expensive business and to transform a team like Sauber, currently rooted to the foot of the Constructors’ standings, into a works entry takes time and a whole lot of money.
With that in mind, talks between Audi and QIA began a year ago, as Döllner explained.
“On the 29th of November [2023], QIA, for the first time, visited our facilities in Neuburg, and were able to see the passion and the professionalism the team has,” he said.
Another change Döllner has made to the Audi F1 project this year is removing Andreas Seidl and Oliver Hoffmann from the operation in favour of installing Mattia Binotto as Chief Operating and Chief Technical Officer.
Binotto explained that the extra investment from QIA, which is speculated to be in the region of $350 million for a 30% stake, will go into transforming the pointless Sauber outfit into a winning entity.
“I think at the end, it is whatever is needed to bring the team to become a winning team,” he said.
“And if you look the gap to the top teams and the winning teams today, certainly there is a lot which is needed.”
Another thing that isn’t unusual for F1 teams in the modern era is to share naming rights with partners, even Ferrari is now known as Scuderia Ferrari HP.
Döllner refused to rule out such a deal could be struck with QIA, saying “We are right now having a broad view on that. No decisions taken so far.
“It will be definitely Audi as title sponsor of the team. And however the constellation is, the future will show.”
READ MORE – Qatar investment fund purchase stake in Audi F1 venture
