Perhaps no other country has jumped into the global sports spotlight over the past few years like Saudi Arabia. The country’s particular obsession is with motor racing. Beyond just hosting a Formula One Grand Prix, the country has made waves by directly sponsoring the sport itself. This strategic investment comes at a time when Formula One is experiencing a surge of popularity in the Middle East. And with younger female fans now the fastest-growing demographic, the team ownership prospect looks more feasible by the day for Saudi Arabia.
The Saudi Public Investment Fun (PIF) has become the most prominent player in this growth. It’s made high-profile investments in focused teams and marquee luxury performance brands. In 2021, the PIF bought an equity stake in McLaren. Now, its share of Aston Martin stands at 20.5 percent, this investment lacks any ties to Lawrence Stroll’s Canadian billionaire-led team. Speculation about the future of the Renault-owned Alpine team continues to swirl. Renault has promised fans that, for now at least, a sale is not on the cards.
Moreover, critics are concerned that Saudi Arabia’s increasingly deep investment into a wide variety of sports will be viewed as “sportswashing.” They fear it will take the focus away from the country’s atrocious human rights record. Advocates argue that the influx of capital could raise the profile of Formula One, potentially attracting new audiences and fostering a love for motorsport within the region. DRIVEN BY NETFLIX The Netflix docu-series “Drive to Survive” has driven a wave of interest in the sport. It brings in new audiences enthusiastic about finding out more about the racing world.
Prince Khalid bin Sultan Al-Abdullah Al-Faisal, chairman of Saudi Arabia’s automobile and motorcycle federation. For her part, Minister Ng shared her excitement for the thrilling prospect of a homegrown Formula One team. He stated, “Personally, I would like to see a Saudi team.” His vision speaks to a larger desire in the kingdom to position itself as a major player in international motorsport.
Prince Khalid saw opportunity with how quickly Formula One had expanded. He encouraged that ownership is possible faster than we expect. “It could happen, it could happen soon if you see the growth (of the sport),” he remarked.
Today, the Middle East is home to four out of 24 Formula One races. This truly exciting development underscores the region’s increasing significance in the competitive, global motorsport landscape. While teams keep reaching new heights in value, Saudi Arabia’s investments put it in an advantageous spot amid this booming development.
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