Prince Khalid reveals Saudi Arabia’s ambitions for F1 team ownership

Dominika Jordan
Apr 15, 2025, 5:07 AM ET

Prince Khalid discusses Saudi Arabia considering F1 team ownership after sponsoring and hosting races.

Red Bull Racing/Red Bull Content Pool

Saudi Arabia is considering owning a Formula 1 team after sponsoring the sport and hosting a grand prix, according to Prince Khalid bin Sultan Al-Abdullah Al-Faisal, chairman of the kingdom's automobile and motorcycle federation. "It could happen soon if you see the growth [of the sport]," he mentioned in a video call ahead of this weekend's race in Jeddah.

"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," he added.

Saudi Arabia first hosted Formula 1 in 2021. Energy giant Aramco is a global partner of the sport and the title sponsor of the Aston Martin team. The PIF invested in McLaren in 2021 and holds a 20.5% stake in luxury carmaker Aston Martin.

Aston Martin announced plans to raise more than £125 million ($163.5 million) from Canadian billionaire Lawrence Stroll, who is also chairman. Stroll has tasked investment bank Raine Group to help find a buyer for the F1 team's stake. Meanwhile, speculation about the future of the Renault-owned Alpine team persists.

Other Middle Eastern countries hosting races have ties to Formula 1. Qatar's Investment Authority holds a significant stake in the Audi team, debuting next year, while Bahrain's sovereign wealth fund Mumtalakat is a major shareholder in McLaren. Abu Dhabi's CYVN Holdings recently acquired McLaren Automotive.

Saudi Arabia has significantly invested in sports recently, despite facing criticism over its human rights record. The country denies such accusations, citing national security protection through its laws.

Formula 1 is gaining popularity in the Middle East, with younger female fans being the fastest-growing demographic globally, says Nielsen Sports. The region has four of the 24 races.

Prince Khalid concluded, "Personally, I would like to see a Saudi team. 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?"

Formula 1 teams have dramatically increased in value, attracting new audiences partly due to the Netflix docu-series "Drive to Survive." Alpine was valued at around $900 million in 2023. With General Motors-backed Cadillac joining next year as the 11th team, there remains a space for one more.