Formula 1 LIVE Updates – Audi looks to buy stakes in McLaren and offer a whopping $718: Audi is all set to buy stakes in McLaren and have offered a whopping $495 million to $718 million. McLaren and Audi will sign a letter of intent and the supervisory board will have a meeting to discuss the deal later this month. The Audi and Porsche promoter group Volkswagen is likely to give the green signal to both companies to join Formula 1. According to sources, a meeting with F1 will take place next week. Follow Formula 1 Live Updates on InsideSport.IN.
The first source said, “We will hopefully be able to communicate our intention to enter into Formula One then.” The second source said, “There was a good chance of a positive decision.”
Formula 1 LIVE Updates: BIG UPDATE, Audi looks to buy stake in McLaren, OFFERS whopping $718M – Follow LIVE UPDATES
Volkswagen had expressed its interest in acquiring McLaren last year. They wanted to do so in order to get into the booming Formula 1 business. Formula 1 reported they had $787 million in revenue in Q4 2021 which saw a 62% increase year after year. The viewership of Formula 1 also reached 1.55 billion last year.
But, in the meantime, Volkswagen has declined to comment anything regarding this. However, this was first reported by Business Insider.
Audi and Porsche owner Volkswagen is likely to give the green light for the two brands to make their entry into Formula One next week, according to multiple sources. https://t.co/57YPffLV7X
— ESPN F1 (@ESPNF1) March 31, 2022
The other team which was interested in joining F1 was Andretti. However, the talks of Andretti joining the sport has cooled down.
Michael has applied to the FIA to field a new F1 team starting in 2024. His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA’s determination.
— Mario Andretti (@MarioAndretti) February 18, 2022
Audi and Porsche can form partnerships with the existing Formula 1 teams. This is the best way for them to enter Formula 1. But, if they don’t get the nod from the existing teams then it’ll be a problem.
Formula 1 LIVE Updates: BIG UPDATE, Audi looks to buy stake in McLaren, OFFERS whopping $718M – Follow LIVE UPDATES
There is another way of entering Formula 1 for these big brands. The new rules state that any new team likely to enter F1 needs to pay $200M to the existing teams in the sport. It will be interesting to see how Audi and Porsche enter the sport. Either they will enter the sport individually or under the name of Volkswagen.
Meanwhile, Audi and McLaren denied reports last year of any partnership going through. It was said to be under the terms of discussions. But, a likely decision is to be expected this year itself.
Audi is likely to offer €500-million ($556.30-million) to McLaren. This was revealed by one of the sources. Porsche plans to establish a long-term partnership with none other than Red Bull. There were reports that Porsche will join F1 as a power train supplier but it never happened.
Meanwhile, Porsche is already racing in Formula E which is an all-electric racing series. Audi also took part in Formula E. However, they had to pull out at the end of the 2021 season. But, Porsche will remain in Formula E up until at least the 2023/24 season.
Formula 1 LIVE Updates: BIG UPDATE, Audi looks to buy stake in McLaren, OFFERS whopping $718M – Follow LIVE UPDATES
Follow Formula 1 Live Updates on InsideSport.IN.
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