Qatar’s sovereign wealth fund has agreed to buy roughly 30 per cent of the Audi Formula One racing team, as institutional investors continue to pile money into the global racing series and wider sport.
The Qatar Investment Authority would get the minority stake in exchange for a capital injection worth “hundreds of millions” of dollars, said a person familiar with the deal.
QIA controls 17 per cent of the voting rights in Audi’s parent company, Volkswagen. While the Gulf fund has not invested in automotive racing previously, it has gained increasing interest in the business of sports, the person added.
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