Audi announced in 2022 its plans to join the Formula 1 grid; the German manufacturer has agreed to increase an initial 25 per cent purchase of Sauber shares to 100 per cent;watch Saudi Arabian GP qualifying on Friday at 5pm on Sky Sports F1; race on Saturday at 5pm
Friday 8 March 2024 15:01, UK
Audi has reaffirmed its commitment to joining the Formula 1 grid in 2026 by agreeing to a complete takeover of the Sauber team.
Audi announced in August 2022 its plans to enter a works team to the sport from 2026, before taking over 25 per cent of current participant Sauber six months later.
There had initially been speculation that Audi would eventually up the stake to 75 per cent, but the German company announced on Friday that it has now agreed to take complete ownership of the team.
Audi head of technical development Oliver Hoffmann has been made the company's board's general representative for the team, putting him above chief executive Andreas Seidl, who will continue the role he held with Sauber, in the management structure.
"I am convinced that by bundling responsibilities and taking over 100 per cent of Sauber Group, we will further accelerate our preparations for the launch in 2026," Hoffman said.
"I am pleased we were able to secure the services of Andreas Seidl as Audi F1 Team CEO. He is exactly the right man for our ambitious plan. Thanks to his broad experience from leadership roles on the manufacturer and Formula 1 team side, he will make a significant contribution to Audi's Formula 1 project."
Audi's statement said that the full takeover has been agreed with current majority shareholder Islero Investments AG, and approved by the Audi board.
Friday's announcement ended speculation that Audi could pull out of its commitment to F1 amid changes at the top of the company.
The German company also reaffirmed its intention to enter as a works team, confirming its power unit will be developed in their Neuberg facility.
Former McLaren team principal Seidl joined Sauber in January 2023, and as expected, will be kept on as "the face" of the team.
"I thank [Audi chief executive] Gernot Dollner and Oliver Hoffmann for their trust and am looking forward to leading Audi into Formula 1 together with a highly-motivated team as CEO of the Audi F1 Team," Seidl said.
"We have a clear roadmap for how we want to become competitive in Hinwil as well as in Neuburg. We have ambitious goals. Realisation of them is in progress and will be further accelerated through the complete takeover of Sauber by AUDI AG."
Friday March 8
Saturday March 9
Watch the second round of the new F1 season - the Saudi Arabian GP - live on Sky Sports F1 this coming week, with qualifying on Friday and the race at 5pm on Saturday. Stream every F1 race and more with a NOW Sports Month Membership for just £21 a month for 12 months
Anthony Joshua's heavyweight showdown with Francis Ngannou takes place on Friday March 8, live on Sky Sports Box Office with the main event expected around 11pm. Book Joshua v Ngannou now!
You can now start receiving messages and alerts for the latest breaking sports news, analysis, in-depth features and videos from our dedicated WhatsApp channel!
