Audi F1 issue official statement over team sale

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Audi F1

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Audi F1 issue official statement over team sale

The team have issued the statement amid reports they have made a huge financial miscalculation

Simmey Hannifin Donaldson

Friday 15 November 2024 08:27 Updated: 17:44

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Audi's Formula 1 project have issued an official statement regarding reports they are set to sell a stake in the team following a 'billion' dollar miscalculation.

Audi are set to make their highly-anticipated entry to the grid for the 2026 season when the brand will have fully taken over current F1 outfit Sauber.

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Ahead of their entry, the team have been making major moves, signing up Nico Hulkenberg and Gabriel Bortoleto to drive their cars, whilst the likes of Mattia Binotto and Jonathan Wheatley have been signed to handle things operationally.

Last week, however, a huge bombshell emerged, with reports claiming that a stake of the team was set to be sold to the Qatari sovereign wealth fund and that the deal could be completed as soon as next week.

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Audi's F1 team are set to enter the grid in 2026

Nico Hulkenberg is set to drive for Audi in 2026

Audi F1 billion dollar miscalculation

Speaking out on these reports via Sky Germany, former F1 star turned pundit Ralf Schumacher claimed that the team were seeking investment due to drastically underestimating the finances needed to compete in the sport.

“Things just aren’t going smoothly," the German said on Audi's situation. "There are already personnel changes before they’ve even begun.

"At Sauber at the moment, they’re really fighting at the back of the field, and now, of course, with the economic disaster currently happening in Germany, jobs are under debate, profits are collapsing.

"This has led to the point where Audi has slightly miscalculated the whole project - unfortunately, it appears this is around a billion."

Ralf Schumacher claims Audi have made a big miscalculation

Audi F1 release official statement

In light of the rumours around a reported sale, and indeed the above comments from Schumacher, GPFans contacted Audi for clarity on the situation.

In response, Audi issued the following statement to GPFans: "Audi's Formula 1 project is long-term and is not in question.

"The decision was well prepared two and a half years ago and reassessed last year. We are firmly convinced that Formula 1 and Audi are a perfect fit. It is in line with our strategy.

"The announcement of the complete takeover of Sauber in March and the appointment of Mattia Binotto as CTO and COO of the project and Jonathan Wheatley as team principal from the middle of next year are expressions of our determination.

"We do not engage in the speculations that are currently circulating. The team is not for sale."

Formula 1 Audi Nico Hulkenberg Sauber Gabriel Bortoleto Mattia Binotto