• Loading stock data...
Wednesday, November 27, 2024

Audi, Porsche Get Green Light to Join Formula 1

  • Volkswagen AG’s supervisory and management boards are backing plans for Audi and Porsche to join Formula 1.
  • The two iconic car brands could join F1 as early as 2026.
VW

Volkswagen AG’s supervisory and management boards are backing plans for the company’s Audi and Porsche brands to join Formula 1 as early as 2026. 

Porsche and Audi, two of Volkswagen’s 12 car companies, have yet to make a final decision on joining the motorsport circuit but are expected to supply engines. The move has also been welcomed by F1 world champions Lewis Hamilton and Max Verstappen

Volkswagen and F1 align through an effort to promote sustainability. F1 plans to be carbon neutral by 2030, while Volkswagen aims to be carbon neutral on its balance sheet by 2050, which includes vehicles, plants, and processes. F1 is implementing new engine rules in 2026, which will require all power units to run on 100% sustainable fuel.

Audi and Porsche would join separate racing teams in Formula 1. 

  • Porsche is pursuing a partnership with Red Bull Racing.
  • Audi is expected to join McLaren’s racing team. 

Last week, Audi reportedly raised its offer to buy a stake in McLaren’s F1 unit from $495 million to $718 million, according to a report by Germany’s Automobilwoche.

Perfect Timing 

Formula 1 is seeking upward of $75 million per year for its U.S. media rights, according to a Sports Business Journal report. ESPN has held F1 rights since 2018 and is currently paying roughly $5 million per year on a deal that runs through this year.

ESPN is likely to renew, but Formula 1 has drawn interest from several broadcasters.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

ESPN Signs Danny Green, Tim Bontemps, Angel Gray to Extensions

All three are regarded as important NBA analysts for the network.

Chaotic Upsets Turn CFB’s Rivalry Weekend Into Must-See TV

Many berths in the 12-team College Football Playoff remain up for grabs.

Can an Elite Women’s Soccer School Survive the New College Sports Moneyball?

Santa Clara faces an uphill battle in the new college sports landscape.
Nov 16, 2024; Washington, District of Columbia, USA; Washington Spirit forward Trinity Rodman (2) celebrates after defeating NJ/NY Gotham FC in a 2024 NWSL Playoffs semifinal match at Audi Field. Mandatory Credit:

The Washington Spirit’s Business Makeover Carried Them to the Finals

The team’s return to the NWSL championship looks a lot different from 2021.
podcast thumbnail mobile
Front Office Sports Today

The Billionaire Who Flipped a Star Quarterback

0:00

Featured Today

Nov 18, 2023; Las Vegas, Nevada, USA; Williams Racing driver Logan Sargeant of the United States (2) during the Las Vegas Grand Prix at Las Vegas Strip Circuit.

F1 Grand Prix Upended Vegas Last Year. Stakes Are High for Its..

Stakes are high as F1 gears up for a successful second act.
Classic Football Shirts New York Pop-Up
November 18, 2024

Vintage Soccer Jerseys Have Found a Sweet Spot in the Lucrative U.S...

The money-making shirts are at the prime intersection of memorabilia and fashion.
Nov 13, 2024; New York, New York, USA; New York Knicks guard Josh Hart (3) reacts after fouling Chicago Bulls guard Coby White (not pictured) during the second half at Madison Square Garden.
opinion
November 16, 2024

NBA Ratings Rorschach Test: Buy the Dip

Was it the election? Too many threes? Lack of storylines?
November 15, 2024

Executive Decision: When Richard Nixon Named a College Football Champion

In 1969, the 37th president unilaterally named the winner of the season.

Why Liberty Media Spun Off Assets, Shook Up Leadership

Longtime CEO Greg Maffei is stepping down at the end of the year.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.
October 25, 2024

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.
October 30, 2024

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.
September 18, 2024

Rogers Tightens Grip on Canadian Sports With $3.46B MLSE Stake

The Blue Jays owner makes a big move to corner most of the Toronto pro sports market.
Fans watch TV screens during a game viewing party for fans at the FanDuel Sportsbook at Meadowlands Racing & Entertainment in East Rutherford, New Jersey.
September 18, 2024

FanDuel Parent Buys Italian Gambling Company in Bid for Growth

Flutter is making big moves in Italy and Brazil.