Audi F1 issue official statement over team sale

Audi F1 issue official statement over team sale

Audi Responds to Rumors of Selling Stake in F1 Team

Audi’s Formula 1 program has issued a statement addressing speculation about selling a stake in their team following reports of a significant financial miscalculation.

The German car manufacturer, preparing to enter F1 in 2026, is taking over Sauber and has been making strategic moves to build a competitive team.

Ahead of their debut, Audi has been assembling an impressive lineup. Drivers Nico Hülkenberg and Gabriel Bortoleto have joined the roster, while experienced personnel like Mattia Binotto and Jonathan Wheatley have been recruited to manage operations.

However, rumors surfaced last week that Audi might sell part of the team to the Qatari sovereign wealth fund, with a deal reportedly imminent.

Former F1 driver and pundit Ralf Schumacher fueled these rumors during an interview with Sky Germany.

Schumacher suggested that Audi underestimated the financial demands of competing in F1, which has led to internal challenges.

“Things just aren’t going smoothly,” Schumacher commented. “There are already personnel changes before they’ve even started.

Sauber is currently struggling at the back of the field, and the economic situation in Germany is worsening, with jobs at risk and profits declining. This has resulted in Audi underestimating their project costs by around a billion.”

In light of these allegations, Audi’s Formula 1 division has clarified their position. Through a statement to GPFans, the team reaffirmed their commitment to the project and dismissed the rumors of a sale.

Audi stated that their entry into F1 was meticulously planned over the past two and a half years and reevaluated last year, confirming their belief that the collaboration aligns perfectly with their long-term goals.

The company highlighted recent decisions, such as the complete acquisition of Sauber in March and the appointment of key personnel, as evidence of their determination.

Mattia Binotto will serve as Chief Technical and Chief Operating Officer, while Jonathan Wheatley will assume the role of team principal in mid-2024.

The statement emphasized that Audi is not considering selling the team and refused to comment on speculation.

“The decision to join Formula 1 was well prepared and remains solid. Formula 1 and Audi are an excellent fit.Our recent announcements reflect our commitment to the project. The team is not for sale, and we do not engage in circulating speculations,” the statement concluded.

While Audi has denied the rumors, the reports highlight the challenges new teams face in entering F1.

With escalating costs and fierce competition, even a well-resourced manufacturer like Audi is not immune to financial and operational hurdles.

As of now, Audi appears steadfast in their ambition to build a successful F1 team for the 2026 season.

However, the scrutiny surrounding their entry underscores the high stakes of competing at the pinnacle of motorsport.