Audi seals full takeover of Sauber ahead of becoming Formula 1 constructor in 2026
Sauber driver Valtteri Bottas of Finland steers his car during the third practice session ahead of the Formula One Saudi Arabian Grand Prix at the Jeddah Corniche Circuit in Jeddah, Saudi Arabia, Friday, March 8, 2024. Saudi Arabian Grand Prix will be held on Saturday, March 9, 2024. (AP Photo/Darko Bandic)
INGOLSTADT, Germany (AP) — German automaker Audi said Friday it has reached an agreement for a full takeover of the Sauber team ahead of its entry as a full Formula 1 constructor in 2026.
Audi said Sauber’s current majority shareholder Islero Investments backed Audi’s plans for a full takeover of the Sauber holding company. Audi added that the deal had been approved by the supervisory boards of Audi and its parent company Volkswagen.
Former McLaren team principal Andreas Seidl is currently chief executive of the Sauber Group and will stay in the CEO post as “the face of the future Audi Formula 1 Team”.
“We have ambitious goals. Realization of them is in progress and will be further accelerated” by the takeover, Seidl said in a statement.
Audi and the Swiss-based Sauber team first announced in 2022 that Sauber would become the manufacturer’s works team for 2026, when the F1 rules are set to change significantly.
Sauber has been in F1 since 1993 and has a long history of working with German car manufacturers, first with Mercedes-Benz and later with BMW, which had a majority stake in the team from 2005 through 2009.
Sauber was ninth of 10 teams in the F1 constructors’ standings in 2023, when it was still racing under the name of sponsor Alfa Romeo.
___
AP auto racing: https://apnews.com/hub/auto-racing