Sunday December 3, 2023

Audi, Porsche Rolling Into Formula 1

  • The move has been approved by Volkswagen's board of directors, according to CEO Herbert Diess.
  • Volkswagen believes joining F1 will generate more money than it will cost.
F1
Linkedin
Copy Link
Link Copied
Link Copied

Plans for Audi and Porsche to join Formula 1 have been approved, Volkswagen CEO Herbert Diess said following the board of directors’ decision on Monday.

Joining F1 will generate more money than it will cost, as Porsche and Audi are two of Volkswagen’s most important revenue streams, according to Diess.

F1 is averaging 1.1 million viewers on ESPN through its first four races of the season, up 22% compared to the same period last year.

Porsche and Audi, two of Volkswagen’s 12 car companies, would join separate F1 teams. 

  • Porsche intends to partner with Red Bull Racing.
  • Audi is expected to join McLaren’s racing team. 

In March, Audi was reportedly ready to offer around $556.3 million to buy a stake in McLaren’s F1 unit, per Reuters. A month later, the German luxury car brand reportedly raised its offer to $718 million, according to Germany’s Automobilwoche.

Porsche is considering an IPO to fund its move into F1 and development of electric vehicles. An IPO could come as early as Q4 2022.

Perfect Match

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 its vehicles and plants.

F1 is implementing new engine rules in 2026 requiring all power units to run on 100% sustainable fuel.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Red Bull Racing driver Max Verstappen of The Netherlands celebrates his victory of the Las Vegas Grand Prix at Las Vegas Strip Circuit.

The 10 Highest-Paid Formula 1 Drivers For 2023

Red Bull Racing’s Max Verstappen tops the list with $70 million.

Red Bull-Dominated Formula 1 Season Ends With Expansion Unsettled

The Abu Dhabi Grand Prix ended the 2023 F1 season.

Las Vegas Gets MLS Recommendation From Key Team Owner

An MLS team in Las Vegas would give the league 31 teams.
podcast thumbnail mobile
Front Office Sports Today

CFP Looking to Super Bowl for Media Rights Plan

0:00
0:00

Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Wasserman
Multiple - USA Careers
Live Nation
Multiple - USA Careers
Saco Bay PT
Multiple - USA Careers
PFL Bellator

PFL Completes Acquisition of Bellator, Readies to Challenge UFC

“Today, the MMA market changed,” PFL Founder Donn Davis said.
CAA logo on side on building
November 13, 2023

CAA Forms Sports-Focused Investment Bank In Continued Expansion Push

Powerhouse agency looks to further expand dealmaking capabilities
November 14, 2023

German Soccer Pushing $1.1B Rights Deal To Private Equity Investors

Governing body mounting third attempt for outside investment
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
Mercedes-AMG Petronas driver George Russell drives on the track during the Formula One Las Vegas Grand Prix Launch Party at Las Vegas Strip.
November 10, 2023

Ticket, Hotel Prices Plummet As Las Vegas GP Nears

Lack of competitive drama for F1 event fuels market crash
November 9, 2023

McMahon Selling $713M In TKO Stock, CEO Emanuel Could Be A Buyer

Bombshell announcement to bring big changes to company's ownership structure
San Diego Padres shortstop Xander Bogaerts wears the ALS Lou Gehrig Day and Motorola patches during a game against the Chicago Cubs at Petco Park.
November 8, 2023

Major U.S. Sports Leagues Pull In Record $6.7B in Ad Revenue

Major U.S. sports leagues and teams saw big increases in ad revenues.
November 8, 2023

Sports A Bright Spot For Endeavor Amid Ongoing Turbulence

Majority interest in TKO, PBR fuel notable gains for company