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Tuesday, July 16, 2024

Red Bull Says It Won’t Sell Formula 1 Team

  • Team principal Franz Tost said Red Bull will continue to support the Scuderia AlphaTauri team.
  • Red Bull has owned the team since the end of 2005.
Scuderia Alphatauri F1 driver Yuki Tsunoda
Aaron E. Martinez-USA TODAY Sports

Following recent reports that Red Bull might move its Scuderia AlphaTauri team from Italy to England or sell it altogether — possibly to Michael Andretti — team principal Franz Tost said it has no plans to abandon the Formula 1 team. 

“I had some very good meetings with [Red Bull’s managing director] Oliver Mintzlaff, who confirmed that the shareholders will not sell Scuderia AlphaTauri, and that Red Bull will continue supporting the team in the future,” Tost said ahead of the season-opening Bahrain Grand Prix. AlphaTauri finished ninth out of 10 teams last season.

“All these rumors have no foundation, and the team has to remain focused for the start of the season to perform better than last year.”

Red Bull has owned the team, which rebranded in 2020, since the end of the 2005 season.

Aston Martin’s Money

As one Formula 1 team looks for investors, another’s owner is set to improve its own financial status.

Aston Martin Lagonda more than doubled year-over-year pre-tax losses to $598 million in 2022, but expects better profitability this year. The company, which reentered Formula 1 in 2021, reported a 26% increase in revenue to $1.67 billion.

Last year, the team announced plans to raise $663.6 million in a rights issue by leaning on existing investors, including Saudi Arabia’s Public Investment Fund.

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