Audi Attempts To Enter F1 With Mclaren Offer
Audi has reportedly raised its offer to buy a stake in McLaren’s Formula 1 unit from £376m to £546m, according to a report by Germany’s Automobilwoche.
Bloomberg has also reported that a letter of intent could be signed as early as Monday, with Red Bull also said to be close to a Formula 1 deal with another VW brand, Porsche.
Audi’s parent company Volkswagen AG expressed interest in acquiring McLaren last year, in an attempt to enter Formula 1, a sport that continues to grow and become even more lucrative. Formula 1 reported £599m in revenue in Q4 2021, a 62% increase year-over-year, with viewership reaching 1.55 billion last season.
The potential deal between VW and McLaren was eventually called off as the initial offer was deemed too low.
Volkswagen’s fresh interest comes on the heels of a joint development project between McLaren and German carmaker BMW. McLaren and BMW signed a memorandum of understanding on 24th March that will see the two brands develop an architecture for electric sports cars. However, a potential deal with VW could see the relationship with BMW voided.
A possible future Formula 1 grid could see McLaren Audi and Porsche Red Bull lining up, with CAR Magazine reporting there are fall-back plans in place with the likes of Williams, Alpha Tauri and Haas in the running, to ensure VW’s entry into Formula 1.
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