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Sunday, June 23, 2024

Porsche Reportedly Close to Buying Half of Formula 1 Team 

  • Porsche is reportedly nearing a deal to buy half of Williams Racing.
  • The carmaker will likely enter Formula 1 in 2026.
williams-racing-formula-1-car
Erich Schlegel-USA TODAY Sports

Porsche appears to have a dance partner to enter Formula 1.

The iconic luxury carmaker is reportedly finalizing a deal to buy 50% of the Williams Racing team.

  • Porsche would act as the engine supplier for the team.
  • The partnership would kick in for the 2026 season, when F1 switches to using fully sustainable fuels and nearly triple the electric power in its vehicles.
  • Porsche previously appeared to be near a similar deal with Red Bull, but the F1 team reportedly soured on the idea of selling half of its technology company.

If the deal is completed, Porsche will be one of two Volkswagen brands entering the grid in 2026: Audi has reportedly agreed to a deal with Sauber, which races under the Alfa Romeo name.

Williams already made headlines recently with the announcement prior to Sunday’s U.S. Grand Prix that American Logan Sargeant will join its F1 team in 2023 if he receives the requisite number of points in his remaining F2 races.

Porsche Pops on Public Market

Porsche held an initial public offering on Sept. 29 at a $73 billion valuation, one of the highest in Europe’s history.

The company is off to a strong start on the Frankfurt stock exchange, rising nearly 19% since hitting the market.

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